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The Ghana Union of Traders’ Associations (GUTA), has urged government to sustain its efforts aimed at stabilising the country’s local currency; the cedi.
In a release signed by its President, Joseph Obeng, GUTA said it has taken note of the recent gains made by the cedi against major trading currencies albeit with the efforts of government and the Bank of Ghana.
“The Ghana Union of Traders’ Associations wishes to appreciate the efforts being made by government and the Bank of Ghana to stabilize the Cedi.
“We urge the government to continue with more efforts to sustain the program and bring relief to the business community.”
On the back of the cedi’s appreciation, GUTA also urged members of the business community to cause adjustments to the prices of their goods and services to reflect the cedi’s appreciation.
“As the value of cedi begins to appreciate, GUTA wishes to appeal to members of the business community to adjust the prices of goods and services accordingly, to make the consuming public feel the impact of the positive trend.
We hope to see a further and continuous appreciation of the cedi and envisage that the economy will turn around in the shortest possible time,” GUTA added.
Ghana has over the past few months been thrown into an era of economic chaos largely brought about by a sharp depreciation of the cedi against major trading currencies including the dollar.
This led to a daily increment in the prices of essential commodities such as fuel and other goods and services.
However, the cedi over the past week has made significant gains against the dollar and has seen stability in the forex markets.
This has seen calls being made for a corresponding adjustment in the prices of goods and services. Fuel prices at the pumps have seen a reduction on more than one occasion following the gains made by the cedi, however, this is yet to reflect in the cost of transport fares which shot up as a result of the cedi’s depreciation.
