The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has encouraged Ghanaians to place their confidence in the Ghana Cedi, rather than foreign currencies specifically the United Stated Dollar.
According to him, the recent performance of the local currency proves that the measures being put in place by the Bank of Ghana are already yielding results.
Dr. Obeng, speaking on JoyNews on Friday, August 29, said, “We don’t have to be panicked, but allow the Bank of Ghana to bring these prudent measures.”
His comments come after a directive from the Bank of Ghana banning the pricing and advertising of goods and services in foreign currency, particularly the dollar
Referring to Dr, Johnson Asiamah who is the Governor of the Bank of Ghana, Dr Joseph Obeng, remarked on his role in stabilizing the Ghana cedi.
“If you look at where we were coming from where the exchange rate was very high, and then within a short space of time when he took over, we have attained such stability, it means that whatever thing he’s saying is the truth,” Dr. Obeng said.
Dr. Obeng further urged Ghanaians not to be chasing the dollar, mentioning examples of some other countries he has visited that do not accept foreign currency for their services.
He said, “We don’t have to be chasing these currencies when we are in Ghana, it doesn’t make sense at all, that’s why we are suffering like this.”
“I went to Tunisia recently, went to South Africa and all that, the hotel I was staying at, I was holding the dollar, it was as if they don’t need dollar at all.”
He encouraged the public to rally around the cedi especially now as it is seemingly performing well.
“We have to respect, we have to trust our local currency. Now it is doing well, so this is the time that we have to revolve around it.”
“The cedi is attaining 60 years and we are celebrating it, so these are some of the lessons or education that we have to give to the public,” he noted.
The decision is part of efforts by the Bank Of Ghana to stabilize the Cedi and reduce the reliance on the dollar in everyday transactions.
