GUTA President, Dir Joseph Obeng
The Ghana Union of Traders’ Associations (GUTA) has commended the Governor of the Bank of Ghana and his team for the measures put in place, which have led to the Cedi gaining strength against major trading currencies.
According to GUTA, this positive trend has brought a level of respite and renewed confidence in the economy.
In a statement signed by its President, Dr. Joseph Obeng, and Head of the Business and Economic Bureau, Charles Kusi Appiah Kubi, GUTA applauded the Governor for this achievement, adding that it has brought hope to the business community.
“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 adopted by the Government has also contributed to this achievement.
“This has brought hope to the business community in recouping some of the capital lost over the past couple of years.
Importantly, it has also fostered positive speculation and predictability within the foreign exchange market, thereby eroding the notion that foreign currency is a store of value in the Ghanaian community.”
GUTA consequently encouraged the Government, especially the Central Bank, to continue with this laudable effort.
“These prudent measures, if sustained, will lead to full economic recovery, enhance business competitiveness, increase productivity, and alleviate the high cost of living in the country,” the statement added.
The Ghana Cedi started the week on a losing streak despite a massive gain in April 2025.
The local unit sold at GH¢14.60 to one American greenback in the retail market.
It, however, went for GH¢13.65 to one US dollar in the interbank market.
The local unit is currently among the top-performing currencies in Africa this year, recording over 7% appreciation since January 1, 2025. The CFA, used by Francophone West African countries is the best performing currency in Africa so far this year
All things being equal, the local unit would remain stable in May 2024.
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