Vice President of the Ghana Union of Traders Association (GUTA), Joseph Paddy, says the current economic conditions are offering a more stable and predictable environment for businesses.

Speaking on the JoyBusiness Roundtable Discussion on JoyNews, themed “Mahama at 16 Months: Do Economic Narratives Match Real-Sector Outcomes?”, he explained that recent currency stability has made it easier for traders to plan and manage their operations.

Mr Paddy said the improved outlook is a welcome shift from previous periods of volatility. “I think the economic condition we find ourselves in now is healthy for businesses. Yes, it helps you to do projection. It also gives predictability,” he said.

He pointed out that, in the past, sharp and frequent fluctuations in the exchange rate made it difficult for businesses to plan ahead.

“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.

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Economy stable now, good for business – GUTA

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