The Ghana Union of Traders’ Associations (GUTA) has applauded the Bank of Ghana for the recent appreciation of the Ghana cedi, describing the development as a major relief for the business community.
In a statement signed by GUTA President, Dr. Joseph Obeng, the association acknowledged the consistent strengthening of the local currency against major global currencies since the beginning of 2025.
This improvement, the group said, is restoring confidence and bringing much-needed predictability to business operations.
“We wish to highly commend the Governor and his team for efficiently managing the forex market to this extent,” the statement read, pointing to the impact of sound central banking policies and fiscal discipline on the part of the government.
The group noted that the cedi’s resilience has positively shifted market sentiment and helped dispel the belief that foreign currencies are more secure for storing value.
“Importantly, it has also brought a positive speculation and predictability around the foreign exchange space, thereby eroding the notion that the foreign currency is a store of value in the Ghanaian community,” GUTA said.
GUTA credited the Bank of Ghana’s targeted interventions in the forex market, as well as broader macroeconomic measures by the government, for helping reduce pressure on the cedi and bringing stability to a volatile sector that had long undermined planning for importers and traders.
“These prudent measures, if sustained, would lead to full economic recovery and make businesses competitive,” the statement concluded.
The commendation reflects growing optimism within the private sector, which has welcomed the cedi’s rebound after years of instability that pushed up import costs and forced businesses to reprice frequently.
