The Ghana Union of Traders’ Associations (GUTA) has commended the Bank of Ghana for its effective management of the foreign exchange market, which has contributed to the strengthening of the Ghanaian cedi against major foreign currencies since the beginning of the year.
In a press statement signed by GUTA President Dr. Joseph Obeng and Head of Business and Economic Bureau Charles Kusi Appiah Kubi, the association noted that the recent gains in the cedi’s value have brought relief and renewed confidence to the business community.
“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.
GUTA acknowledged that the strengthening of the local currency has helped businesses recover some of the capital lost during the recent years of economic volatility. More importantly, the group said, it has helped shift perceptions that foreign currencies are a more reliable store of value, fostering renewed trust in the local economy.
“This has brought hope to the business community in recouping some of the lost capital during the last couple of years,” GUTA noted, adding that the current stability has also improved predictability in forex transactions, a key concern for importers and exporters alike.
The traders’ union encouraged the government and the Central Bank to maintain these economic measures, expressing optimism that sustained efforts would accelerate full economic recovery, enhance productivity, and help reduce the high cost of living.
“These prudent measures, if sustained, would lead to full economic recovery and make businesses competitive,” the statement concluded.
READ THE FULL GUTA PRESS STATEMENT HERE
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