'Sustain the cedi gains or it will all be in vain' - GUTA boss tells government

Dr. Joseph Obeng is the President of the Ghana Union of Traders’ Associations (GUTA). He urges the government to act quickly to maintain recent gains made by the cedi.

He warns that failing to do so could hinder recovery efforts. This would also hurt hopes for lower inflation and interest rates.

“This gain will come to nothing if we cannot sustain it,” he said on PM Express on JoyNews. He emphasized the need for predictability and sustainability of these gains.

Dr. Obeng noted that traders are reluctant to lower prices despite the cedi’s appreciation. They have experienced similar situations in the past.

“The trading community asks me, ‘Are you sure this will last?’” he explained. They worry about rushing into price changes too soon.

He believes strong economic management is essential for stability. “If the government implements prudent measures, we can maintain this progress,” he stressed.

Sustaining the cedi's performance will positively impact other economic indicators. “This will help reduce inflation and improve interest rates,” he added.

Dr. Obeng sees potential productivity gains if the cedi remains stable. “Stability can enhance productivity and make us competitive,” he noted.

This would allow local industries to thrive and contribute to recovery efforts. Host Evans Mensah asked when Ghanaians might see lower market prices.

Dr. Obeng explained that hesitation stems from past disappointments with currency fluctuations. “When the cedi appreciates, people see gains that don’t last,” he said.

He called on policymakers and financial regulators to act decisively now. “We must take advantage of our current gains and sustain them,” he urged.

His message to the government is clear: “We’re on the threshold of recovery — don’t blow it.”