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The Ghana Union of Traders Associations (GUTA) on Wednesday lauded the Bank of Ghana (BoG) for its efforts in stabilising the cedi against the major trading currencies since January 2025.
GUTA said the stability had brought some level of respite and confidence in the economy, enabling the business community to recoup some of the lost capital in the past few years due to depreciation and exchange rate pressures.
A statement signed by Dr Joseph Obeng, the President, and Mr Charles Kusi Appiah Kubi, the Head of Business and Eco. Bureau of GUTA, copied to the Ghana News Agency, urged the BOG to sustain the momentum.
“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,” it noted. “Importantly, it has 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 urged the Central Bank to sustain the momentum on effort to keep the cedi strengthened against its major trading currencies, particularly the dollar. “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.”
Data provided by the Central Bank indicated that as of May 6, 2025, US$1 was bought at GHS13.64 and sold for GHS13.65; £1 was bought at GHS18.11 and sold for GHS18.13, while €1 was bought at GHS15.42 and sold for GHS15.44. As of January 6, 2025, US$1 was bought at GHS14.74 and sold for GHS14.75; £1 was bought at GHS18.26 and sold for GHS18.28, while €1 was bought at GHS15.15 and sold for GHS15.17.
Source: GNA
