By Benjamin Nii Nai Anyetei
Vice President of the Ghana Union of Traders Association (GUTA), Clement Boateng, has cautioned that Ghanaian businesses and households will continue to face economic hardship unless the underlying structural issues behind the cedi’s weakness are addressed.
Speaking on the ‘GTV Breakfast Show’ on Tuesday, September 9, 2025, Mr. Boateng acknowledged the recent gains of the local currency against major trading currencies but stressed that this temporary relief could easily be eroded if systemic challenges remain unresolved.
He explained that the depreciation of the cedi has long put pressure on traders, especially importers, and any appreciation must be used strategically. “If the cedi is showing strength now, we should take advantage of it. Importers need to act wisely, especially since the peak import season is approaching,” he said.
Mr. Boateng also pointed to falling remittances as a contributing factor, noting that many Ghanaians abroad are now reluctant to send money home. “Previously, people abroad felt they were gaining more when the cedi was weak. But now, with the currency appreciating, the value of their remittances at home seems less attractive to them,” he added.
On consumer prices, the GUTA Vice President observed that while some essential goods such as rice and cooking oil have seen marginal price reductions, many traders remain reluctant to adjust prices downward even when the currency strengthens. “It’s convenient for some to argue that prices cannot come down. But the reality is, in certain cases, prices have been reduced, even if modestly,” he said.
He further explained that long import cycles — with goods taking weeks or months to arrive from China, the UAE, and other key markets — mean that traders cannot immediately adjust prices to reflect exchange rate movements.
Mr. Boateng urged policymakers to adopt sustainable measures to stabilize the cedi and support businesses, warning that without tackling structural weaknesses, the recurring cycle of depreciation and hardship for households will persist.
