GUTA: Cedi stability offers respite after years of losses

The recent rise in the value of the Ghanaian cedi has relieved businesses. Dr. Joseph Obeng, President of the Ghana Union of Traders Association (GUTA), shared this news. He spoke during an interview on Channel One Newsroom on May 9.

Dr. Obeng called the cedi's performance “very welcome news.” He noted that it offers much-needed support for businesses facing economic challenges. “This positive turn has brought a lot of relief,” he said.

He added that the cedi’s stability is restoring confidence among traders. It also allows them to pass some benefits to consumers. “We can recoup losses and share gains with our consumers,” Dr. Obeng explained.

In recent weeks, the Ghanaian cedi has shown steady appreciation. Analysts attribute this trend to improved foreign exchange inflows and sound monetary policies. This news is particularly good for importers who have struggled with exchange rate volatility.

GUTA hopes this momentum will continue to stabilize the market and aid economic recovery.