GUTA commends Gov’t, BoG for stabilizing cedi
The Ghana Union of Traders Association has commended the government of Ghana as well as the Bank of Ghana for their relentless efforts in stabilizing the Ghanaian currency (Cedi).
Government, for the past weeks have been restlessly working on restoring the power of the cedi from its poor value to strengthening against the American giant (Dollar) that rose to almost Ghc15 per a Cedi.
The latest records on the cedi over the weekend shows that it is now one of the powerful currencies over the Dollar, performing from worst to best currency.
According to the Association in a press Statement,
“The Ghana Union of Traders’ Association wishes to appreciate the efforts being made by the government and the Bank of Ghana to stabilise the cedi. We urge government to continue with more efforts to sustain the programme and bring relief to the business community”.
The statement appealed to the business community to adjust accordingly prices of goods, in order for consumers to experience the positive trend.
“As the value of the cedi begins to appreciate, GUTA wishes to appeal to the business community to adjust prices of goods and services accordingly, to make the consuming public feel the impact of this positive trend,” the statement appealed.
Ghana Cedi: From worst to best performer against dollar
The Ghana cedi has been tagged by Bloomberg as the best performing currency against the US dollar this week.
After being compared to some 150 currencies across the globe, the cedi emerged as the best performing currency against the dollar this week (for the past 5 days).
The currency, having lost more than 50% of its value in the course of the year gained 10% against the greenback. The cedi to dollar exchange rate was as high as $1 to more than GH¢15 this year, but currently trades a little above GH¢12.50 to the dollar.
About 3 months ago, Ghana’s currency was labelled as the worst performer against the USD, relieving the Sri Lanka rupee of this unenviable position. The Cedi’s untamed slump against the USD put Ghana’s economy in a forlorn position with the country’s long-term bonds suffering at least 7 downgrades from three international rating agencies in less than 11 months this year.”
