GUTA applauds BoG for stabilising cedi, boosting business confidence

The Ghana Union of Traders’ Associations (GUTA) has praised the Bank of Ghana. They commend its management of the foreign exchange market. This has strengthened the Ghanaian cedi against major currencies this year.

In a press statement, GUTA President Dr. Joseph Obeng and Charles Kusi Appiah Kubi signed the document. They noted that the cedi's recent gains have brought relief to businesses. It has also renewed confidence in the business community.

“We highly commend the Governor and his team,” said GUTA. The statement highlighted the Central Bank’s prudent policies and government fiscal discipline. These efforts have contributed to currency stability.

GUTA recognized that a stronger local currency helps businesses recover lost capital. It also shifts perceptions about foreign currencies being more reliable for value storage. This fosters renewed trust in the local economy.

“This brings hope to businesses recovering from past losses,” GUTA stated. Current stability improves predictability in forex transactions for importers and exporters.

The traders’ union urged the government and Central Bank to maintain these measures. They expressed optimism that sustained efforts would lead to full economic recovery. This would enhance productivity and help reduce living costs.

“These prudent measures can make businesses competitive,” concluded GUTA’s statement.