GUTA: Cedi stability offers respite after years of losses

The recent appreciation of the Ghanaian cedi has brought significant relief to the business community, according to the President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng.

Speaking in an interview on Channel One Newsroom on Friday, May 9, Dr. Obeng described the cedi’s performance as “very welcome news,” noting that the positive turn offers much-needed respite for businesses that have weathered years of economic challenges.

“The turn of events has been very positive and it has brought a lot of relief to the business community,” he said. “It has given us some amount of respite that is going to help us, especially to recoup our losses for the past couple of years.”

He further highlighted that the cedi’s stability is not only restoring trader confidence but also presenting an opportunity to extend some of the benefits to consumers.

“The cedi appreciation is significant to the extent that we will be able to recoup some of our losses and also share the gains with our consumers,” Dr. Obeng added.

The Ghanaian cedi has shown modest but steady appreciation in recent weeks, a trend many analysts attribute to improved foreign exchange inflows, sound monetary policies, and more disciplined fiscal management. This comes as welcome news to the business sector, particularly importers, who have borne the brunt of exchange rate volatility in recent years.

GUTA has expressed hope that the current momentum will be sustained to further stabilise the market and support broader economic recovery.

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