Traders across Ghana are enjoying a more predictable business environment thanks to GUTA praises cedi stability, falling inflation, and lower lending rates, even as global shipping delays and local port congestion threaten to slow down commerce.
President of the Ghana Union of Traders Association, Clement Boateng, says the current macroeconomic climate marks a major improvement over previous years, giving importers greater confidence to plan and execute orders.
"If you look at where all those macroeconomic indicators were when this government took office, and how far they have come, it has improved to a large extent.
"It's been fine for business. We can talk about the stability of our currency, inflation, and lending rates." - Mr Boateng
Middle East Conflicts Disrupt Shipping Routes
While domestic economic management receives praise, international geopolitical tensions involving Iran, the United States, and Israel are hitting Ghanaian importers hard.
Shipments from Asia and the United Arab Emirates that normally pass through the Strait of Hormuz are being rerouted, pushing transit times from six weeks to nearly five months while driving up freight and maritime insurance costs.
"In normal circumstances, goods, especially from the UAE and some parts of Asia, would be here within a month or forty-five days.
"Now it takes about four or five months to arrive. There has also been an increase in freight charges and in insurance." - Mr Boateng
Cedi Strength Drives Up Port Imports
Paradoxically, the stability of the cedi has triggered severe congestion at Ghana's main ports, as traders take advantage of exchange rate predictability to import significantly higher volumes.
Boateng revealed that port authorities handled approximately 2.5 million twenty-foot equivalent units by early September, compared to around 700,000 TEUs during the same period in previous years, an influx that has completely overwhelmed existing handling infrastructure.
To prevent total gridlock at Tema Port, GUTA is demanding immediate investments in port infrastructure, including adding more container scanners, expanding roads within the port enclave, and opening larger off-dock terminals to store empty containers.
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