GUTA applauds Bank of Ghana, calls for sustained measures as cedi strengthens

The Ghana Union of Traders’ Associations (GUTA) has commended the Bank of Ghana and the government for the effort in stabilising the Ghanaian cedi and managing the foreign exchange market effectively.

In a statement dated May 7, 2025, jointly signed by GUTA President, Dr Joseph Obeng and Head of Business & Economic Bureau Charles Kusi Appiah Kubi, the association acknowledged the marked improvement in the cedi’s performance against major international currencies since the start of the year.

This, they noted, has provided much-needed relief and renewed optimism within the business community.

“We highly commend the Governor of the Bank of Ghana and his team for their efficient management of the forex market. We also recognise the government’s fiscal discipline as a contributing factor to this achievement,” the statement said.

GUTA highlighted that the cedi’s recent stability has boosted business confidence and created expectations of recovery after years of currency-related losses.

“This has brought hope to the business community in recovering part of the capital lost over the past few years,” the union noted.

The association further observed a shift in market sentiment, pointing to increased confidence in the local currency and reduced reliance on foreign currencies as a store of value.

“There is now more positive speculation and predictability in the foreign exchange space, which is helping to dispel the long-held notion that foreign currency is the safest store of value in Ghana,” the statement added.

GUTA urged both the Central Bank and the government to remain committed to the current path of economic management.

“We encourage the government and especially the Central Bank to sustain these commendable efforts. If these prudent measures continue, they will pave the way for full economic recovery, enhance business competitiveness, boost productivity, and ease the high cost of living,” the association concluded.

GUTA serves as the umbrella organisation overseeing the activities of traders across Ghana.