An appeal has gone to traders across Ghana from the Ghana Union of Traders’ Associations (GUTA) to reduce the prices of goods and services.
The appeal, according to GUTA in a press statement issued Sunday, 11 May 2025, is due to the recent gains made by the appreciation of the Ghana cedi against major currencies in the foreign exchange market.
“The Ghana Union of Traders’ Associations (GUTA) wishes to appeal to the trading community to adjust prices of goods and services to share the significant gains made by the appreciation of the cedi against the major trading currencies and bring some relief to the consuming public,” said the statement signed by its president, Dr. Joseph Obeng.
Last week, GUTA praised the Bank of Ghana (BoG) following the increase in the value of the cedi against the dollar, the pound and the euro among other major foreign currencies.
The union attributed “the strength” the local currency had “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,” it said in a terse press statement issued Tuesday, 6 May 2025.
GUTA urges government, BoG to sustain cedi gain
The previous statement was co-signed by Dr. 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.
The current progress of the Ghana cedi
As of last Wednesday, 7 May 2025, the daily exchange rate on the website of the Consolidated Bank of Ghana had 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.
Today (Monday, 12 May 2025) the Ghana cedi is trading at Gh¢12.82 (buying) and Gh¢13.27 (selling) against the United States dollar. It is trading at Gh¢16.96 (buying) and Gh¢17.71 (selling) against the pound. And it is going for Gh¢14.33 (buying) and Gh¢14.89 (selling) against the euro.
Source: Edward Adeti/Media Without Borders/mwbonline.org/Ghana
