Importers and Exporters Hail Cedi's Stability

Accra, Ghana - 19 May, 2025 - The recent stability of the Ghanaian cedi is bringing relief to local markets, according to Samson Asaki Awingobit, Executive Secretary of the Importers and Exporters Association of Ghana.

Speaking on The Big Issue on Channel One TV on Saturday, May 17, 2025,  Awingobit explained that the cedi's performance is easing pricing uncertainties and driving down the cost of goods, particularly in major commercial hubs like Abossey Okai and Okaishie.

“Gone are the days, or few weeks or few months ago, or a year ago, if one gets to shop at Abossey Okai, or at Okaishie, you will want to call Alhaji to find out how much is the rate today before you can price your goods. Because at the end of the day, if you sell two unit, three unit items, you will go and buy the dollar and put down. You will not wait for the dollar to start going up against the Cedi,” he said.

With the dollar now readily available at commercial banks and the exchange rate stabilizing around GH¢12.30, Awingobit said traders are no longer relying on black-market forex dealers.

“If I were pricing my goods at GH¢20 or at GH¢15 because dollar was GH¢14 and now dollar has come to GH¢12.3… nobody will go to Alhaji to look for forex to be able to do his transaction. It is a good thing, and it will reflect in the prices of goods and services.''

This shift, he noted, is leading to price drops, citing a personal example where the price of Frytol oil plummeted from GH¢1,200 to GH¢600.

“Just two, three days ago, my wife told me that the Frytol that they used to buy at GH¢1,200 or GH¢1,300 or so, it has come to GH¢600 or GH¢700. That is drastic drop of goods in the market.”

Source: Lead News Online