The Ghana Union of Traders’ Associations (GUTA) has expressed its appreciation to the Bank of Ghana (BoG) for the recent strengthening of the cedi, emphasizing that this enhancement of the local currency has offered significant relief to businesses.
In a statement issued by its President, Dr. Joseph Obeng, GUTA recognized the consistent appreciation of the cedi against major global currencies since the start of the year.
The association pointed out that this trend has fostered increased business confidence and contributed to a more stable economic climate.
‘We would like to commend the Governor and his team for their effective management of the foreign exchange market to this degree,’ the statement remarked, acknowledging the Central Bank’s sound policies and the government’s fiscal responsibility in achieving this stability.
‘Crucially, it has also generated positive speculation and predictability within the foreign exchange market, thereby diminishing the perception that foreign currency serves as a store of value within the Ghanaian community,’ the statement continued.
GUTA credited the cedi’s strength to the BoG’s careful oversight of the foreign exchange market, along with the government’s dedication to fiscal discipline.
The traders noted that these initiatives have contributed to restoring stability and predictability for importers and traders, who have long faced challenges related to currency fluctuations and increasing operational expenses.
GUTA’s commendation reflects a wider sense of optimism among private sector stakeholders, as the cedi’s recent performance stands in stark contrast to previous periods of significant depreciation that jeopardized profit margins and pricing stability.
‘If these prudent measures are maintained, they will lead to a complete economic recovery and enhance the competitiveness of businesses,’ the release concluded.
