GUTA President Emphasizes Cedi Stability Amid Economic Gains
Dr. Joseph Obeng, President of the Ghana Union of Traders Associations (GUTA), has underscored that maintaining the stability of the local currency is crucial for the business sector.
He called on the government to ensure that recent economic gains are preserved, highlighting their importance for business health.
Dr. Obeng detailed GUTA’s role in supporting the growth of small and medium-sized enterprises (SMEs) through targeted funding, which he asserts has positively impacted the economy.
In his mid-year budget review presented to Parliament on July 23, Finance Minister Dr Mohammed Amin Adam, reported a robust 4.7% economic growth for the first quarter of 2024.
He attributed this performance to effective policy measures and strong economic management.
In an interview on JoyNews’ AM show, Dr. Obeng remarked, “Overall, despite the challenges of debt restructuring and other factors, the economic figures are encouraging and instill hope and confidence in the system.”
Dr. Obeng emphasized that continued government efforts are essential to sustaining this growth, strengthening the local currency, and further reducing inflation to ensure that businesses can thrive once again.
The cedi’s depreciation rate against the US Dollar was 18.6 percent as of June 2024, improving from 22.0 percent recorded in the same period last year.
