Traders Urged To Reduce Price of Goods As Cedi Appreciates Against Dollar

• Traders have been advised to reduce the prices of their goods immediately as the cedi appreciates against the dollar
• The cedi has in one week appreciated against the dollar by as much as 10%, with further expectations of improvement
• The cedi has had a bad run since January this year, losing about 50% of its value against the dollar

Traders have been asked by their mother association to review the prices of their goods downwards in response to the cedi’s recent appreciation against the dollar.

The Ghana Union of Traders Association (GUTA) has said it has imperative for its members to put new prices on their goods to reflect the changes in the forex.

Vice chairman of the association Clement Boateng said they expect the cedi to even perform better in the coming weeks.

“We think for some time now the cedis has seen some stability even though expected it to appreciate further. And we think it is incumbent on us as an association to try as much as possible to advise our members to adjust their prices a bit to reflect the current stability of the cedis,” he said.

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Finance Ministry ‘celebrates’ cedi’s recent gains against US dollar

According to a report by the Daily Graphic, Boateng made the comment on an Accra-based radio station on December 12, 2022.

Cedi Moves From Worst To Best Performer Against US Dollar

After months of tumultuous depreciation of the Ghana cedi, Bloomberg over the weekend tagged the local currency as the best-performing against the US dollar.

Bloomberg said it compared the local currency to some 150 currencies across the globe.

The cedi appreciated five straight days against the dollar to gain about 10% of its value within the period.

Prior to this good showing, since January 2022 the cedi had lost more than 50% of its value this year.

The cedi to dollar depreciation saw the local currency trading as high as GH¢15 to $1. The situation has however improved as it currently trades a little above GH¢12.50 to the dollar.

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Ghanaian cedi moves from worst to best performer against US dollar

Finance Ministry ‘Celebrates’ Local Currency’s Recent Gains Against US Dollar

Meanwhile, YEN.com.gh has reported in a separate story that the ministry of finance has said the cedi is on course to make a robust recovery against the US dollar.

The ministry celebrated the appreciation on its Twitter handle, and tagged the cedi as a strong currency as welcome news.

This follows a Bloomberg report which indicated that the cedi had moved from the worst to the best performer against the US dollar.

Source: YEN.com.gh