Mr. Eddie Kusi Ankomah, CEO of the ERATA Group of Companies and Chairman of the Chamber of Automobile Dealers Ghana, has expressed optimism over the recent appreciation of the Ghanaian cedi, describing it as a “miracle” for the nation’s economy.
In an exclusive interview, Mr. Ankomah commended President John Dramani Mahama and his administration for what he described as effective economic management that has led to the cedi’s rebound against the US dollar. According to him, the stronger cedi is already positively impacting the vehicle import and sales industry.
“With the cedi appreciating, consumer confidence is rising. People are more willing to buy, and that will naturally lead to an increase in car sales,” he noted. “If this trend continues, Ghana could emerge as one of the most attractive economies in Africa.”
Mr. Ankomah revealed that ERATA Motors has already adjusted its pricing strategy in response to the improved exchange rate. “As the dollar began to fall, we reduced our prices and began pricing in cedis. Initially, we were cautious about pricing in local currency due to the fear of sudden dollar hikes. But now, with some stability, we are confident,” he said.
He advised other business operators to consider converting their cedis into dollars when rates are favorable, as this can support continued price reductions and economic stability. He emphasized that this approach can help businesses keep prices down, ultimately benefiting consumers.
“The current drop in the dollar means businesses can sell their existing stock and still get foreign exchange, but at a more competitive rate,” he added. “If all businesspeople adopt this principle, we can prevent further economic decline.”
Mr. Ankomah also praised the President of the Ghana Union of Traders Association (GUTA), urging industry players to align with GUTA’s guidance to help stabilize the economy and promote consumer spending.
Describing the currency appreciation as unprecedented in Ghana’s change of government ,Mr. Ankomah said, “This is the first time in our history that a change in government has led to a stronger cedi. It’s truly the greatest miracle in Ghana’s economic history.”
He concluded by highlighting that while the vehicle import sector still has expectations from government, the current appreciation of the cedi is already a major step forward. “We understand there are challenges, but the government’s efforts are beginning to bear fruit, and the direction they’re taking is promising,” he said.
