The Ghana Union of Traders’ Associations (GUTA) is hailing what it calls a remarkable rebound of the local currency, the cedi.
It praised the Bank of Ghana (BoG) for restoring confidence in the cedi and turning the tide against years of foreign exchange anxiety.
In a statement signed by GUTA President Dr. Joseph Obeng and Head of its Business and Economic Bureau, Charles Kusi Appiah Kubi, the Association noted that from January to date, the cedi has shown steady gains against major trading currencies.
This development, they say, has brought “respite and confidence” to the business community.
“This has brought hope to the business community in recouping some of the lost capital during the last couple of years,” the statement read.
“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.”
GUTA credited not only the central bank’s efficient forex market management but also government’s apparent fiscal discipline as key factors behind this newfound stability.
The union is urging the authorities to “sustain these prudent measures”, which, if maintained, could help the country “achieve full economic recovery, make businesses competitive, increase productivity, and alleviate the high cost of living.”
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