GUTA Commends BoG for Boosting Confidence in the Cedi and Dismantling Dollar ‘Safe Haven’ Perception

The Ghana Union of Traders’ Associations (GUTA) has applauded the Bank of Ghana (BoG) for what it describes as a significant recovery of the local currency, the cedi, and for restoring confidence among traders and investors.

In a joint statement issued by GUTA President Dr. Joseph Obeng and Business and Economic Bureau Head Charles Kusi Appiah Kubi, the Association noted that the cedi has shown consistent gains against major foreign currencies since January, marking a turning point in Ghana’s foreign exchange climate.

GUTA highlighted that this currency stability has not only brought relief to the business community but has also helped traders recover some of their previously eroded capital.

“The cedi’s rebound has fostered optimism, improved market predictability, and undermined the widespread belief that holding foreign currency—particularly the dollar—is the safest way to preserve value,” the statement said.

The Association attributed this progress to the Bank of Ghana’s effective management of the forex market and the government’s demonstration of fiscal discipline.

GUTA called on authorities to continue implementing such sound policies, stressing that their sustainability is crucial to achieving economic recovery, enhancing business competitiveness, increasing productivity, and easing the cost of living.