The Greater Accra Regional Chairman for the Ghana Union of Traders Association (GUTA), Mr. Samuel Peprah, has remarked on the sustained stability of the Ghanaian cedi, emphasizing the critical need for this stability to be maintained over the long term.
Mr. Peprah attributed the currency’s current performance to measures implemented by the Bank of Ghana.
He noted that prolonged cedi stability is crucial as it allows traders to confidently make projections, achieve profitability, expand their businesses, and potentially reduce consumer prices.
Speaking in an interview on Nyankonton Mu Nsem on Rainbow Radio 87.5FM, he recalled the extremely turbulent times the business community has faced, particularly concerning the depreciation of the cedi.
This volatility, he explained, negatively impacted trading activities by reducing sales due to affordability issues for Ghanaians and by eroding business capital.
“We have witnessed stability for a significant period since this administration took over, which I attribute to the measures put in place by the Bank of Ghana. When we experience stability, it positively impacts trade. Traders are better able to make projections, import efficiently, and reduce the prices of their goods. Conversely, cedi depreciation increases the cost of imports and final goods, reduces business capital, and can easily force us out of business.”
Mr. Peprah’s comments came as part of a discussion marking the 60th anniversary of the Ghana cedi, focusing on current trends and the optimal strategy to sustain the gains achieved so far.
He also highlighted the positive impact of the introduction of cashless systems, stating that transactions have become easier while significantly reducing the risks associated with carrying large sums of money.
Furthermore, he noted that such systems would help preserve the lifespan of the physical cedi.
To further support the trading community and maintain currency stability, Mr. Peprah proposed a key initiative:
• A structured system should be introduced by the government to allow importers traveling to major trade hubs like China and Dubai to deposit their funds with the Bank of Ghana.
A corresponding mechanism would then enable them to withdraw the funds in the local currency of the countries they are importing from
By: Rainbowradiooine.com/Ghana
