Importers and Exporters Hail Cedi Stability, Pricing Pressure Eases
The Ghanaian local markets are experiencing a welcome respite from pricing uncertainties, thanks to the recent stability of the Ghanaian cedi.
According to Samson Asaki Awingobit, Executive Secretary of the Importers and Exporters Association of Ghana, the cedi’s steady performance is easing pressure on traders, particularly in key commercial hubs like Abossey Okai and Okaishie.
In a recent interview on The Big Issue on Channel One TV, Awingobit explained that the cedi’s stability is transforming the way businesses operate.
“Gone are the days when you’d need to check the exchange rate daily before pricing goods,” he said. “With the dollar now readily available at commercial banks and the exchange rate stabilizing around GH¢12.30, the frantic search for black-market forex is gradually fading.”
Awingobit noted that this newfound stability would have a positive impact on prices, saying,
“If I were pricing my goods at GH¢20 or GH¢15 because the dollar was GH¢14, and now the dollar has come to GH¢12.3… nobody will go to Alhaji to look for forex to do their transaction. It’s a good thing, and it will reflect in the prices of goods and services.”
The effects of the cedi’s stability are already being felt, with some prices dropping significantly. Awingobit shared a personal anecdote to illustrate the impact.
“Just two or three days ago, my wife told me that the Frytol they used to buy at GH¢1,200 or GH¢1,300 has come down to GH¢600 or GH¢700 – that’s a drastic drop in prices.”
Awingobit’s comments echo growing calls for the government to build on the gains made in currency stability and ensure its benefits are felt across households and businesses.
Factually, as the cedi continues to perform steadily, Ghanaians can look forward to a more stable economic environment.