The Ghana Union of Traders (GUTA) has stated that the recent stability seen in the cedi against major currencies, particularly the dollar, is a positive development.
Dr. Joseph Obeng, President of GUTA, praised the Bank of Ghana for its effective management of the foreign exchange market, which has helped to strengthen the Ghanaian cedi against major foreign currencies since the beginning of the year.
Speaking on Nyankonton Mu Nsem on Rainbow Radio 87.5FM, he noted that the recent gains in the cedi’s value have brought relief and renewed confidence to the business community.
He announced that GUTA and its members will also replicate this in the prices of their goods to reflect the new trends seen in the forex market.
In his remarks, Dr Obeng stated, “When the cedi depreciates, it affects our business and reduces our capital. You’re forced to look for more resources to supplement what you already have. As a result, if the cedi appreciates, our operations become more stable. We encourage the government to continue its good work in order to achieve long-term results.
The strengthening of the local currency has helped businesses recover some of the capital lost during the recent years of economic challenges. The government has maintained fiscal discipline, and we want them to continue doing that. The situation has helped shift perceptions that foreign currencies are a more reliable store of value, fostering renewed trust in the local economy.”
He emphasized, ‘The prices of goods will certainly decrease due to the current trend. Whenever the dollar surges, prices increase, and conversely, if stability is achieved, the prices of goods will decrease. I assure Ghanaians that prices will drop.
He further noted that traders who refuse to adjust their prices will be negatively impacted due to the market’s competitive nature.’
By: Rainbowradioonline.com/Ghana
