Vice President of the Ghana Union of Traders Association (GUTA), Joseph Paddy says current economic conditions are becoming more stable and easier for businesses to navigate.
Speaking at a roundtable discussion titled “Mahama at 16 Months: Do Economic Narratives Match Real-Sector Outcomes?”, he noted that recent currency stability is helping traders plan better and manage their operations with more confidence.
According to him, this marks a clear improvement from earlier periods marked by uncertainty.
“The current economic conditions are healthy for businesses. They allow for better planning and predictability,” he said.
He added that in the past, frequent and sharp exchange rate fluctuations made it difficult for businesses to plan ahead or make informed decisions.
“Not like once upon a time, when it was difficult to project, and as a business, if you are not able to do projection, you will be out of business,” he said.
According to him, the relative stability of the cedi against major foreign currencies has reduced uncertainty for traders.
He contrasted the current situation with earlier periods when the exchange rate could change drastically within hours.
“It’s not like before, where you wake up in the morning, and the dollar is 12 against the cedi, and within three to four hours it changes. This one has given us a way to do projection. This stability is healthy for businesses,” he added.
Mr Paddy also indicated that the stability is allowing businesses to retain and reinvest savings. He explained that when exchange rates improve, traders are able to cut costs and channel the difference back into their operations.
“Business communities are seeing some stability, and we are ploughing back those gains into our businesses again,” he said.
He said that, despite other challenges that may still exist, the current environment offers a solid foundation for growth.
“So far, so good. It’s a healthy business environment for the business community,” he stated on the JoyBusiness Roundtable Discussion on Joy News.
