Traders in Ghana remain cautious about lowering prices, despite the cedi’s recent gains. Dr. Joseph Obeng, President of the Ghana Union of Traders’ Associations (GUTA), says past experiences make traders skeptical that the currency’s strength will last.
Speaking on JoyNews’ PM Express, Dr. Obeng said traders have seen similar gains fade quickly. “When the cedi appreciates, they notice, but the gain doesn’t last,” he said.
After GUTA’s public call to reduce prices, traders questioned the move. “People keep asking me, ‘Are you sure this will continue? Are you not rushing?’” he added.
He emphasized that this hesitation comes from caution, not resistance. “Traders aren’t refusing to cooperate. They just want to protect their businesses from possible losses,” he explained.
Dr. Obeng stressed the need to sustain the current currency strength. “This gain means nothing if we can’t hold it,” he warned.
He urged the government and the Bank of Ghana to focus on consistent policies. “We need predictability and sustainability. That’s the real issue now,” he said.
When asked why prices remain high, Dr. Obeng pointed to history. “It’s because of what happened before. Traders are watching to see if this gain is real,” he explained.
He believes that if the government applies sound strategies and the Bank of Ghana maintains strict forex controls, traders will feel more confident to adjust prices. “With the right systems in place, we can preserve the gains,” he concluded.
