Dr. Joseph Obeng, speaking on JoyNews’ PM Express, explained that traders have been cautious because of past experiences.

“When the cedi appreciates, they see the gain, but it’s not sustained,” he said.

“That’s why people are asking me, especially when I made the call to reduce prices, ‘Are you sure this is going to last? Are you not rushing?’”

GUTA made headlines recently when it publicly appealed to the trading community to reflect the cedi’s appreciation in their pricing.

However, on the show, the GUTA president admitted that traders are hesitant because they fear history will repeat itself.

“It’s very important for us to think about how to maintain this gain,” he said. “This gain will come to nothing if we are not able to sustain it.”

He emphasized that what matters now is not just the momentary appreciation of the currency, but how the government and the Bank of Ghana work to keep the gains steady.

“We have to talk about predictability and sustainability. That’s what we should be focusing on now,” he stated.

In response to a question by host Evans Mensah about why market prices haven’t dropped, Dr. Obeng explained, “It’s because of what has happened in the past.”

“The traders are simply not ready yet. They are watching to see if this is real.”

He quickly clarified that this isn’t about unwillingness to cooperate, but about protecting businesses from potential shocks.

“Whatever we have to do—if the government puts prudent mechanisms in place, if the Bank of Ghana continues the stringent forex controls—then we can talk about maintaining it,” he said.

Dr. Obeng linked sustained currency stability to a broader economic recovery plan.

He explained that when the exchange rate remains stable, it helps bring inflation down and lower interest rates.

“This is what will push the other indicators that make businesses thrive,” he noted.

For him, the current moment should be seen as a window of opportunity.

“How are we taking advantage of the gains that we’ve made and sustaining them? That’s very important,” he stressed.

“This is how I’m looking at it—how we take advantage of the opportunity to enhance productivity.”

He believes that if stability is used to boost competitiveness in local industries, Ghana could be on the path to true economic recovery.

“If you can use the stability of the currency to enhance productivity, that will make us competitive,” he said. “Then, of course, we are on the threshold to recovery.”

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