As the yuletide approaches, Ghanaians are flocking to the market to buy clothes and food items for the celebrations.

However, the prices of goods have shot up astronomically due to the depreciation of the cedi against major trading currencies, especially the US dollar.

Currently, the cedi is trading at GH¢17.20 to a dollar and GH¢21.77 to a pound sterling.

Freight forwarders have attributed the high prices of goods to the exorbitant fees charged by shipping lines.

They told the host of BizTech, Ernestina Serwaa Asante, that businesses, after paying those huge sums of money, pass on the cost to final consumers.

"Christmas is just around the corner and the cedi is GH¢17 now. You can imagine what will happen in December," one of the interviewees said on GhanaWeb TV's BizTech programme.

She added that, "These shipping lines are the major cause of the shortage of dollars in the system because all the money they collect, they put it in their vessels and transport it back to their home countries."

The forwarders while speaking on GhanaWeb TV's BizTech programme also accused these shipping lines of being the customers of the black market, hence, the rapid depreciation of the local currency.

They called on the government to curtail their activities and ensure that they use legal means to repatriate their profits.

SA/OGB

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