The Ghana Union of Traders’ Associations (GUTA) has commended the Bank of Ghana (BoG) for the recent appreciation of the cedi, noting that the local currency’s improved performance has provided much-needed relief to businesses.
In a statement signed by its President, Dr. Joseph Obeng, GUTA acknowledged the steady strengthening of the cedi against major international currencies since the beginning of the year.
The association highlighted that the trend has boosted business confidence and contributed to a more stable economic environment.
“We wish to highly commend the Governor and his team for efficiently managing the forex market to this extent,” the statement said, highlighting the role of the Central Bank’s prudent policies and the government’s fiscal discipline in achieving this stability.”
“Importantly, it has also brought a positive speculation and predictability around the foreign exchange space, thereby eroding the notion that the foreign currency is a store of value in the Ghanaian community”, the statement read.
GUTA attributed the cedi’s resilience to the BoG’s prudent management of the foreign exchange market, coupled with the government’s commitment to fiscal discipline.
According to the traders, these efforts have helped restore stability and predictability for importers and traders, who have long grappled with currency volatility and rising operational costs.
The commendation from GUTA follows a broader sentiment of optimism among private sector players, as the cedi’s recent performance contrasts with periods of sharp depreciation that previously threatened margins and pricing stability.
“These prudent measures, if sustained, would lead to full economic recovery and make businesses competitive”, the release added.