Ato Afful: Graphic MD hails cedi’s appreciation; cites relief for industry players
The Managing Director of the Graphic Communications Group Limited (GCGL), Ato Afful, has welcomed the recent appreciation of the Ghanaian cedi, describing it as a significant relief for businesses operating at the heart of the economy.
He made the remarks during the opening address at the maiden edition of the Daily Graphic/Ecobank Ghana Economic Forum held Wednesday at Ecobank Head Office in Accra.
Addressing a gathering of policymakers, economists, and private sector leaders, Mr Afful noted that while media organisations such as GCGL are often seen purely as conveyors of information, they are also deeply embedded in the economic fabric of the country.
“For those of us at Graphic Communications, we are not just journalists or media strategists. We also deal directly with the economy,” he said. “We import printing plates, paper, and ink—commodities heavily influenced by foreign exchange rates. So, when there’s a positive shift in the value of the cedi, we feel the impact firsthand.”
Mr Afful revealed the scale of cost pressures faced by GCGL due to foreign exchange volatility. He noted that importing paper alone costs the company about $100,000 for a six-week supply, with taxes on that paper reaching 41 per cent. Additional printing materials attract further costs, which he estimated at $31,000.
“This tells you what we go through every day,” he stated. “So whatever the issues and challenges are, any positive movements in the cedi are deeply appreciated by those of us operating on the front lines of the economy.”
His comments come on the back of data from the Bank of Ghana’s May 2025 Summary of Economic and Financial Data, which showed that the cedi had appreciated by 24.1 per cent against the US dollar, 16.2 per cent against the British pound, and 14.1 per cent against the euro as of April this year.
This marks a stark turnaround from the prolonged depreciation witnessed through 2023 and much of 2024, offering hope to import-reliant businesses and contributing to broader economic confidence.
Mr Afful further stressed the importance of timing and innovation in economic planning. “You may have a brilliant idea, but the time it reaches the market may render it irrelevant,” he warned, urging stakeholders to pay closer attention to the fundamentals of economic decision-making and agility.
He also underscored the value of partnerships in sustaining private enterprise, highlighting the critical role Ecobank Ghana had played in enabling the event. “Graphic is a state-owned company, but it is not subvented. We operate fully on our own, so partnerships like this are vital,” he said.
The forum, themed “A Broad Review of the Economy of Ghana: Then, Now, and the Way Forward,” brought together presidential economic adviser Seth Terkper, PwC Ghana tax expert Abeku Gyan-Quansah, and other analysts to discuss monetary policy, fiscal discipline, taxation, and sustainable growth strategies.
The keynote speaker, First Deputy Governor of the Bank of Ghana Dr Zakari Mumuni, was expected to offer deeper insight into the cedi’s recent performance and its broader implications.
Mr Afful concluded with a call for unity of purpose in national development, stating, “Let’s not become a body of individuals, but a sovereign state with a shared national interest. Together, we can frame a direction that brings lasting progress.”