The Ghana Union of Traders’ Associations (GUTA) has commended the Bank of Ghana (BoG) for its effective management of the foreign exchange market. Since the start of the year, the Ghanaian cedi has strengthened against major currencies.
In a joint statement signed by GUTA President Dr. Joseph Obeng and Head of the Business and Economic Bureau Charles Kusi Appiah Kubi, the association praised the Central Bank’s proactive measures.
According to GUTA, the cedi’s recent gains have significantly relieved the business community, boosting confidence and stability in the market.“We highly commend the Governor and his team for efficiently managing the forex market,” the statement read.
GUTA also credited the government’s fiscal discipline and the BoG’s prudent monetary policies for this economic turnaround. The group noted that the stronger cedi has enabled businesses to recover some of the capital lost during past years of economic volatility.
More importantly, the stability has helped shift the perception that foreign currencies are a safer store of value, restoring trust in the local economy. “This has brought renewed hope to the business community in recouping lost capital,” the statement emphasized.
GUTA also highlighted how improved currency stability has made forex transactions more predictable, critical for importers and exporters navigating global markets.
Looking ahead, GUTA urged the government and the BoG to sustain these efforts, noting that continued discipline could fast-track economic recovery, reduce the high cost of living, and make Ghanaian businesses more competitive.
“These prudent measures, if maintained, will support full economic recovery and strengthen business competitiveness,” the statement concluded.
