Joseph Obeng is the former President of GUTA
The former president of the Ghana Union of Traders Association (GUTA), Joseph Obeng, has lauded the government, the Finance Ministry, and the Bank of Ghana for what he describes as “a remarkable effort” in restoring stability to the economy and protecting trader capital.
In an interview with GhanaWeb Business, Joseph Obeng said the past year of macroeconomic stability has allowed traders to plan, forecast, and operate without the panic that characterised the volatile period of 2022 to 2024.
“We are very grateful. Government has done wonderfully well. The Bank of Ghana has done a very good job. Our capital has been safeguarded and stabilised. Now we can forecast, we can plan, and we are no longer running after the dollar in panic,” he said.
He noted that during the peak of the economic crisis, many businesses lost between 40% and 50% of their capital, a situation he described as devastating for the trading community.
Prices have responded positively to cedi stability – Former GUTA president
However, with inflation declining and the cedi fairly stable, Joseph Obeng said traders now have predictable conditions that allow them to price goods responsibly and pass savings on to consumers.
“Traders can never hurt ourselves by increasing prices dishonestly. We depend on the consuming public for our survival. Any gains from stability are passed on so their purchasing power can improve,” he emphasised.
The former GUTA president also challenged claims from certain transport unions that spare parts prices have not dropped.
“Those assertions are false. Spare parts and general goods have adjusted positively to the stability. Anyone making such claims must provide scientific evidence, real comparisons between January and now,” he stated.
Obeng said such misinformation “incites the public” and undermines trust between consumers and traders, stressing that the current stability is a national asset that must be protected.
He urged traders to show goodwill by maintaining fair pricing as a way of supporting government’s continued efforts to strengthen the economy.
“We have every reason as Ghanaians to encourage government to do more. The least we can do is to prove that we are honest partners in building the economy,” Joseph Obeng concluded.
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