By: Daniel Asare
The General Secretary of the Construction and Building Materials Working Union of Trade Union Congress (TUC) Ghana, Richard Asamoah Mensah, says the cedi’s dominance over some major trading currencies is a good sign for the country, and thus, hopes it appreciates even more.
However, Mr. Asamoah urged traders to reduce their pricing on the market to reflect the cedi’s gain. He also urged the government to pay construction workers and create job opportunities for old contractors who are jobless to reduce poverty in the system.
Ghana’s local currency, the cedi has staged a sharp recovery in 2025 appreciating 24.1 percent against the US dollar in the first five months of 2025.
Data published by the Bank of Ghana in its May 2025 Summary of Financial and Economic Data shows the cedi traded at GHC 11.85 to the US dollar on the interbank market in May, reversing a 5.3 percent loss recorded during the first quarter.
The gains mark the strongest year-to-date performance by the currency in recent years and have provided some respite for policymakers navigating persistent inflationary pressures and external vulnerabilities
“Appreciation of the cedi, I say it’s a good sign to the country and then we hope it still come down even more. And I will advise that with the appreciation of the cedi I think there is the need for sellers in the market all over should also try and reduce their goods like the GPRTU’s have done”. Said Mr. Asamoah Mensah
He further stated that “government should try and at least pay contractors, because a lot of contractors when you discuss issues with them they come out that government is owing me”.