The Ghana Union of Traders’ Associations (GUTA) has commended the Bank of Ghana (BoG) for what it describes as a remarkable turnaround in the performance of the local currency, the cedi.
In a statement jointly signed by GUTA President Dr. Joseph Obeng and Head of its Business and Economic Bureau, Charles Kusi Appiah Kubi, the Association noted that since January, the cedi has made consistent gains against major foreign currencies, a development that has significantly eased pressure on businesses and revived market confidence.
“This recovery has brought much-needed relief to the trading community and renewed hope of recovering lost capital after years of currency depreciation,” the statement read.
GUTA emphasised that the current stability has shifted perceptions around the dollar as a ‘store of value’ and introduced a sense of predictability into the forex market, a welcome change after years of uncertainty.
The Association attributed this progress not only to the BoG’s effective management of the forex market but also to the government’s improved fiscal discipline.
It called on authorities to maintain these prudent measures, which GUTA believes are essential to sustaining business competitiveness, boosting productivity, and ultimately reducing the cost of living as Ghana charts a path toward full economic recovery.
Read GUTA’s full statement
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