The Ghana Union of Traders’ Associations (GUTA) has praised the Bank of Ghana for its effective handling of the foreign exchange market, which has led to a strengthening of the Ghanaian cedi against major international currencies since the start of the year. In a press release signed by GUTA President Dr. Joseph Obeng and Head of Business and Economic Bureau Charles Kusi Appiah Kubi, the association highlighted that the recent appreciation of the cedi has brought much-needed relief and renewed optimism among businesses.
“We wish to highly commend the Governor and his team for efficiently managing the forex market to this extent,” the statement read, attributing the currency stability to sound Central Bank policies and the government’s commitment to fiscal discipline.
GUTA emphasized that the stronger cedi has enabled many businesses to recover part of the capital lost during past economic challenges. More significantly, the group noted, it has begun to shift public perception away from viewing foreign currencies as more stable, thereby restoring confidence 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,” the statement added, noting that the improved currency stability has made forex dealings more predictable—an important factor for importers and exporters.
The association urged both the government and the Central Bank to continue with these sound economic strategies, expressing confidence that continued stability would drive economic recovery, boost productivity, and help ease the cost of living.
“If maintained, these prudent measures will lead to full economic recovery and enhance business competitiveness,” the statement concluded.
