The Ghana Union of Traders’ Associations (GUTA) stated that the Cedi’s recent gains against the Dollar have renewed hope among businesses for recovering capital lost over the past few years.
GUTA has expressed that the recovery of the Cedi has brought relief and renewed confidence to Ghana’s economy. In a statement, the association praised the Bank of Ghana’s management of the forex market and acknowledged the government’s fiscal discipline as key contributors to the Cedi’s strengthening. According to GUTA, this progress has revived hope among businesses for recovering lost capital and has improved predictability in the forex space, reducing the perception of foreign currencies as safer stores of value. The association urged the government and the Central Bank to maintain these prudent measures, emphasizing that sustained efforts could lead to full economic recovery, enhanced business competitiveness, increased productivity, and a reduction in the high cost of living.
Recently, Dr. Johnson Asiama, Governor of the Bank of Ghana, clarified that the current stability of the Cedi is not due to direct interventions by the central bank using its dollar reserves.
Dr. Johnson Asiama, Governor of the Bank of Ghana, stated that the recent stability of the Cedi is the result of several reforms in the foreign exchange market rather than direct intervention through the sale of dollar reserves. He noted that the central bank is currently focused on boosting inflows and building up reserves, not depleting them. As of April 2025, the Cedi had appreciated by 2.76% against the dollar, marking one of its most sustained periods of stability in recent years.
Dr. Asiama further emphasized that the ongoing stability of the Cedi stems from a combination of strategic measures. He clarified that stability does not imply a fixed exchange rate or excessive appreciation of the Cedi, as such a trend could harm Ghana’s export competitiveness. Instead, maintaining a balanced and steady trajectory is key to sustaining long-term economic health.
Dr. Asiama confidently stated that the era of excessive volatility in the Cedi is nearing its end, highlighting the effectiveness of current measures in stabilizing the currency.
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