GUTA lauds BoG for cedi stability, calls for sustainability  

The Ghana Union of Traders Associations (GUTA) praised the Bank of Ghana (BoG) on Wednesday. They recognized the BoG's efforts to stabilize the cedi since January 2025.

GUTA noted that this stability has helped restore confidence in the economy. It allowed businesses to recover some lost capital from previous years. This loss was due to depreciation and exchange rate pressures.

A statement from GUTA was signed by Dr. Joseph Obeng and Charles Kusi Appiah Kubi. They urged the BoG to maintain this positive momentum.

“We commend the Governor and his team for managing the forex market well,” they stated. They also acknowledged that government fiscal discipline contributed to this success.

The statement highlighted that stability has improved speculation and predictability in foreign exchange. This change challenges the idea that foreign currency is a safe store of value in Ghana.

GUTA called on the Central Bank to keep strengthening the cedi against major currencies, especially the dollar.

They believe sustained measures will lead to full economic recovery. This would enhance business competitiveness, increase productivity, and reduce living costs in Ghana.

Data from the Central Bank shows current exchange rates as of May 6, 2025. US$1 was bought at GHS13.64 and sold for GHS13.65. £1 was bought at GHS18.11 and sold for GHS18.13, while €1 was bought at GHS15.42 and sold for GHS15.44.

In comparison, on January 6, 2025, US$1 was bought at GHS14.74 and sold for GHS14.75; £1 was bought at GHS18.26 and sold for GHS18.28; €1 was bought at GHS15.15 and sold for GHS15.17.