The Ghana Union of Traders’ Association (GUTA) has commended the Bank of Ghana (BoG) for its efforts in stabilising the forex market and strengthening the local currency.
The Association says the feat “has brought some level of respite and confidence to the economy.”
In a statement signed by the President, Dr. Joseph Obeng, and Head of Business, Charles Kusi Appiah, it commended the BoG Governor for managing the forex space to bring some level of stabilisation to the business community.
Also, the development, according to GUTA, will help businessmen recoup their lost capital for the past years due to the incessant depreciation of the cedi to the major trading currencies.
“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,” the Tuesday, May 6, 2025 statement added.
Find below the full statement issued by GUTA:
PRESS STATEMENT
GUTA COMMENDS THE CENTRAL BANK FOR ITS EFFORTS AT MANAGING THE FOREX MARKET AND STRENGHTENING THE LOCAL CURRENCY.
The Ghana Union of Traders’ Associations (GUTA) has observed from January to date that the local currency has gained some strength against the major foreign trading currencies. This positive trend has brought some level of respite and confidence to the economy.
We wish to highly commend the Governor and his team for efficiently managing the forex market to this extent. We believe that the fiscal discipline that has been adopted by the Government also contributed to this feat.
This has brought hope to the business community in recouping some of the lost capital during the last couple of years. 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.
We, therefore, encourage the Government, especially the Central Bank, to continue with this laudable effort. These prudent measures, if sustained would lead to full economic recovery and make businesses competitive, increase productivity, as well as alleviate the high cost of living in the country.
