By Florence Afriyie Mensah
Kumasi, Jan. 03, GNA – Some residents and small-scale business owners in Kumasi have expressed confidence in the economic prospects of the year 2025.
With the relative stability of the local currency in the past few weeks, they are of the view that it will translate into the stabilisation of the prices of goods and services in the country.
The residents and business owners who spoke to the Ghana News Agency in Kumasi, said although economic activities had not picked up much after the Christmas and New Year festivities, the current stable trends in the cedi and petroleum products if sustained, could have positive impact on business activities.
Madam Anita Amoako, a provision shop owner at the New Agogo market in the Asokwa Municipality, told the Ghana News Agency that, prices of her wares around November and early December 2024 increased steadily.
However, the prices of these products stabilised in the later part of December 2024 and early January 2025, and this signaled a positive trend in the market in the months ahead, she said.
“I hope the prices stabilise for both buyers and sellers to keep us in active business. I know in this New Year too, and the incoming government administration, things will be a bit smoother for all business transactions,” she said.
Hassan Yussif, a supplier of palm oil, who also spoke to the GNA, said the year must come with good deals for businesses.
He said they were not expecting increases in transport fares, to trigger price adjustment by traders on goods and services.
Mr Yussif said with the major economic indicator such as the Ghanaian cedi, which had currently remained stable for a period, “there will be enough money in the system” to bring relief to citizens.
A poultry products and egg seller, Mama Atta Akosua, said she expected prices of poultry feed to go down this year.
This would help encourage the product (chicken and eggs) sellers to “if not reduce prices, maintain the current prices for a period of time”.
Mr Stephen Mensah, a Master of Business Administration (MBA) graduate from the University of Cape Coast, told GNA that, he expected stability in the economy, especially in Ghanaian currency.
He said the cedi should not be allowed to depreciate to cause business owners to lose their capital, a situation, which did not engender confidence in the system and pushes a lot of companies from the shores of the country.
Mr Mensah called on the government to work towards reducing interest rates on loans to make business more attractive.
He explained that, when people borrowed at lower interest rates, they were able to turn around and repay their loans on time.
GNA