The Ghana Union of Traders’ Associations (GUTA) has praised the Bank of Ghana for restoring confidence in the Ghanaian cedi.
In a statement signed by GUTA President Dr Joseph Obeng and Head of its Business and Economic Bureau, Charles Kusi Appiah Kubi, the Association stated, “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.”
GUTA further urged the authorities to “sustain these prudent measures”.
The added cedi gain if maintained, could help the country “achieve full economic recovery, make businesses competitive, increase productivity, and alleviate the high cost of living.”
The Ghana cedis continues to record marginal gains against major trading currencies, particularly the US dollar.
The Central Bank noted that the cedi is trading at a buying price of GH¢13.89 and a selling price of GH¢13.90 to a dollar.
The British pound is being bought at GH¢18.45 and sold at GH¢18.47, with the euro trading at a buying price of GH¢15.73 and a selling price of GH¢15.75.
Meanwhile, Alexander Afenyo Markin the Minority Leader in Parliament has stated the Ghanaian cedi is stable because the Mahama government since assuming office have not been spending.
According to Afenyo Markin, the cedi is stable not because the finance minister Dr Cassiel Ato Forson is doing anything special.
He asserted that contractors are not being paid, it is because there is no liquid circulating in the economy.
