The Ghana Union of Traders’ Associations (GUTA) has commended the Bank of Ghana and the government for their efforts in stabilising the local currency and managing the foreign exchange market.
The traders’ association notes a significant improvement in the cedi’s performance against major trading currencies since the beginning of the year, a trend they say has brought much-needed relief and confidence to the business community.
In the statement, signed by GUTA President Dr. Joseph Obeng and the Head of Business & Economic Bureau Charles Kusi Appiah Kubi, the union specifically lauded the Governor of the Bank of Ghana and his team for their apt management of the forex market.
“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,” said the union.
According to GUTA, the strengthening of the cedi has instilled a sense of expectancy among businesses.
“This has brought hope to the business community in recouping some of the lost capital during the last couple of years,” the statement read.
Furthermore, the association highlights a buoyant shift in market sentiment, with increased predictability around foreign exchange and a diminishing perception of foreign currency as the primary store of value within the Ghanaian community.
“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 said.
GUTA also urged both the government and the Central Bank to maintain these efforts, as they are commendable.
“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,” the statement added.
Ghana Union of Traders Association (GUTA) is the umbrella body that regulates the activities of trades in Ghana.
Story By: Fauzia Abdul Salim|univers.ug.edu.gh
