Support the Cedi Through Responsible Spending Habits – Economist pleads
Finance Expert and Head of Finance at Merban Capital Limited, Nelson Cudjoe Kuagbedzi, has called on Ghanaians to adopt positive financial attitudes and consumer habits that promote confidence in the Ghanaian cedi and reduce dependence on foreign goods.
Speaking on Business Breakfast on Zed 101.9FM, Mr. Kuagbedzi stressed that while government policies influence the economy, individual behavior also plays a critical role in stabilising the local currency.
“We need to change our attitude because the policies are not in our hands. Government brings the policies that affect all of us, but at the individual level, we can make choices that strengthen our currency,” he said.
He noted that buying imported items such as Vietnamese rice over local alternatives indirectly weakens the cedi by increasing demand for foreign exchange.
“When you walk into a mall and buy imported rice, you are putting pressure on the cedi. We must have confidence in our local currency and support made-in-Ghana products,” he explained.
Mr. Kuagbedzi also cautioned against the growing practice of pricing goods and services in U.S. dollars, describing it as a trend that undermines the cedi’s value and credibility as Ghana’s functional legal tender.
“We should price our products and services in Ghana cedis. That’s the currency we transact with. Once the government brings the right policies and we adhere to them, we can all contribute to strengthening the cedi,” he stated.
He further advised Ghanaians to accept lower-denomination coins and notes, such as 20, 5, and 1 pesewa coins, to maintain their use and circulation within the economy.
“When you go to the mall and you’re given small change20 pesewas, 5 pesewas, even 1 pesewa accept it. They are still legal tender and valid for all transactions,” he added. Mr. Kuagbedzi emphasised that restoring the cedi’s strength requires collective responsibility, urging citizens to align their spending habits with national economic goals while maintaining faith in the local currency.
