Dr. Joseph Obeng, President of the Ghana Union of Traders Association (GUTA), says the currency’s appreciation has brought long-awaited relief to businesses grappling with economic instability.
In an interview with Channel One Newsroom on Friday, May 9, Dr. Obeng described the development as “very welcome news.” After years of volatility and financial strain, he said the improvement in the cedi’s value is a turning point for traders.
“The turn of events has been very positive and it has brought a lot of relief to the business community,” he said. “It has given us some amount of respite that is going to help us, especially to recoup our losses for the past couple of years.”
He noted that the recent gains not only restore confidence among traders but also create the possibility of easing prices for consumers.
“The cedi appreciation is significant to the extent that we will be able to recoup some of our losses and also share the gains with our consumers,” he added.
Over the past few weeks, the cedi has made modest but steady progress against major foreign currencies. Analysts point to a mix of improved foreign exchange inflows, tighter fiscal management, and effective monetary policies by the Bank of Ghana.
For businesses, especially importers who have been hit hardest by fluctuations in the exchange rate, the currency’s rebound offers more than relief—it provides a chance to rebuild.
GUTA remains hopeful that the trend will continue, allowing the economy to regain balance and momentum. The association is urging authorities to sustain the current policy direction to ensure that the benefits extend beyond traders to the broader Ghanaian population.
