GUTA praises BoG for restoring confidence in the cedi

The Ghana Union of Traders’ Associations (GUTA) has praised the Bank of Ghana. They believe it has restored confidence in the Ghanaian cedi.

In a statement, GUTA President Dr. Joseph Obeng and Charles Kusi Appiah Kubi signed off on the message. They said this development brings hope to businesses. It helps them recover some lost capital from recent years.

GUTA noted that there is now positive speculation about foreign exchange. This change reduces the idea that foreign currency is a safe value in Ghana.

GUTA urged authorities to maintain these prudent measures. If the cedi gains are sustained, it could lead to full economic recovery. This would make businesses more competitive and increase productivity.

It could also help reduce the high cost of living for citizens. The Ghana cedi continues to gain slightly against major currencies, especially the US dollar.

The Central Bank reported that the cedi's buying price is GH¢13.89 per dollar and selling at GH¢13.90. The British pound is bought at GH¢18.45 and sold at GH¢18.47. The euro trades at a buying price of GH¢15.73 and a selling price of GH¢15.75.

Meanwhile, Alexander Afenyo Markin, Minority Leader in Parliament, commented on the cedi's stability. He stated it is stable because the Mahama government has not been spending much.

Afenyo Markin claimed this stability isn't due to Finance Minister Dr. Cassiel Ato Forson’s actions. He pointed out that contractors are not being paid, leading to less money circulating in the economy.