The Ghana Union of Traders’ Associations (GUTA) has commended the Bank of Ghana (BoG) for the recent appreciation of the cedi, describing it as a major boost to business confidence and a blow to the long-held perception of the dollar as a superior store of value.
In a statement jointly signed by GUTA President Dr. Joseph Obeng and Head of Business and Economic Bureau Charles Kusi Appiah Kubi, the Association said the development has restored hope to many in the business community who had lost capital during past currency fluctuations.
“This has brought hope to the business community in recouping some of the lost capital during the last couple of years,” the statement noted.
Speaking to Shaft FM’s Aduanaba Kofi Boamah, the GUTA leadership expressed optimism that the recent improvement has also brought a sense of predictability to the foreign exchange market, a key ingredient for business planning and stability.
“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 statement added.
GUTA attributed this new economic optimism to the BoG’s sound management of the forex market, along with the government’s apparent fiscal discipline.
The union is now calling on the authorities to sustain these prudent economic measures, believing they hold the key to long-term economic recovery, competitiveness, and relief from the high cost of living.
