GUTA Hails BoG for Cedi Stability, Signals Renewed Business Confidence-GHANA

The Ghana Union of Traders’ Associations (GUTA) has expressed strong approval of the Bank of Ghana’s management of the forex market, crediting it for the recent appreciation of the cedi against major foreign currencies. According to a press release jointly signed by GUTA President Dr. Joseph Obeng and Charles Kusi Appiah Kubi, Head of Business and Economic Bureau, this progress has sparked renewed optimism within the business community.

GUTA highlighted the stabilisation of the cedi as a major relief for traders, many of whom had faced significant capital erosion due to economic instability in recent years. The association commended the Central Bank’s leadership, pointing specifically to prudent monetary policies and fiscal discipline as key drivers behind the current economic turnaround.

The group noted that the recent forex gains are helping reverse the narrative that foreign currencies are safer stores of value, encouraging greater trust in the local currency. GUTA also emphasised that the improved exchange rate predictability is a major benefit for businesses that rely on cross-border trade, including importers and exporters.

In its statement, GUTA urged the Central Bank and government to stay the course with these economic reforms. The association believes sustained efforts will not only help the economy recover fully but also make local businesses more competitive and ease the high cost of living. The overall message was clear: business confidence is on the rise thanks to the stability of the cedi.

Source: Citi newsroom