GUTA praises BoG for “positive trend” in cedi stabilisation

The Ghana Union of Traders’ Associations (GUTA) has applauded the Bank of Ghana for its recent efforts in stabilising the cedi, noting significant improvements in the local currency’s performance against major foreign currencies since the beginning of the year.

In a press statement issued and signed by GUTA President, Dr. Joseph Obeng, and Head of the Business and Economic Bureau, Charles Kusi Appiah Kubi, the Association expressed optimism over what it describes as a “positive trend” in the forex market, which has brought much-needed relief to the business community.

“This positive trend has brought some level of respite and confidence to the economy,” the statement read, adding that the Central Bank’s efficient management of the forex market—coupled with fiscal discipline by the government—has restored hope to many businesses that had suffered capital erosion in recent years.

The traders’ union further highlighted that the cedi’s relative stability has led to “positive speculation and predictability” in the forex space, challenging the long-held notion of the dollar and other foreign currencies being a more secure store of value.

GUTA encouraged the Central Bank to sustain its efforts, arguing that continued prudence in forex management will support full economic recovery, enhance business competitiveness, increase productivity, and help reduce the high cost of living.

The union also urged broader government support for policies that reinforce the progress made so far, signalling the private sector’s readiness to play its role in economic revival.