Ghana Mercedes Dealer Rues Weak Currency Behind IMF Plea
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It’s 3 p.m. in the Ghanaian capital of Accra, and 50-year-old entrepreneur Harry Larbi is sitting in front of his auto-parts dealership, still waiting for his first customer of the day.
The Ghanaian cedi’s 37 percent slump this year, the worst performance among more than 150 currencies tracked by Bloomberg, is pushing prices of Larbi’s imported Mercedes-Benz parts beyond the reach of many of his customers. With inflation in the West African country running at a record 15 percent, his isn’t the only company that’s feeling the pinch.