The Ghana Union of Traders’ Associations (GUTA) has applauded the Bank of Ghana (BoG) following what it describes as increase in the value of the Ghana cedi against major currencies in the foreign exchange market in recent months.
GUTA attributes “the strength” the local currency has “gained” from “January to date” to the central bank’s “prudent measures.”
“This positive trend has brought some level of respite and confidence to the economy,” remarked GUTA in a terse press statement issued Tuesday, 6 May 2025.
The statement was co-signed by GUTA’s president, Dr. Joseph Obeng, and the head of the union’s Business and Economic Bureau, Charles Kusi Appiah Kubi.
“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.
“This has brought hope to the business community in recouping some of the lost capital during the last couple of years. 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.
The union further urged the government and the BoG to sustain their joint race on the cedi recapture track towards “full economic recovery” for the country.
“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,” it said.
As of the early hours of Wednesday, 7 May 2025, the daily exchange rate on website of the Consolidated Bank of Ghana has the Ghana cedi trading at Gh¢13.32 (buying) and Gh¢13.82 (selling) against the United States dollar. It is trading at Gh¢17.64 (buying) and Gh¢18.46 (selling) against the pound. And it is going for Gh¢15.02 (buying) and Gh¢15.64 (selling) against the euro.
Between November and December, 2024, the cedi was trading at Gh¢17 against the US dollar while selling at Gh¢ 20 to a pound sterling and Gh¢16 to a euro.
Source: Edward Adeti/Media Without Borders/mwbonline.org/Ghana
