The Ghana Union of Traders’ Associations (GUTA) has praised the Bank of Ghana (BoG) for its successful efforts in stabilizing the Ghanaian cedi, a move that has sparked renewed confidence among local businesses.
In a statement signed by GUTA President Dr. Joseph Obeng and Head of Business and Economic Bureau Charles Kusi Appiah Kubi, the association commended the Central Bank’s strategic management of the foreign exchange market, which has led to significant gains in the cedi’s value since the start of the year.
“Businesses have long struggled with the volatility of the cedi, often seeing their hard-earned capital eroded by rapid exchange rate fluctuations,” the statement noted. “However, recent policies by the Bank of Ghana have provided much-needed stability, allowing businesses to recover and plan for the future with greater certainty.”
GUTA also highlighted the broader economic impact of a stronger cedi, noting that it has eased the pressure on importers and exporters, reduced transaction costs, and restored faith in the local currency as a reliable store of value.
“Beyond just stabilizing the market, this has shifted perceptions about the strength of the cedi, encouraging businesses to invest more confidently in Ghana,” the statement added.
The association urged the BoG to remain vigilant and continue implementing measures that promote long-term stability, emphasizing that a strong currency is vital for sustained economic growth, competitive pricing, and reduced inflationary pressures.
“We hope these gains are not just temporary, but a sign of lasting economic resilience,” GUTA said, calling for a collaborative approach between the government, the Central Bank, and the private sector to maintain this positive trajectory.
