March 29, 2023
Dollar and cedi


Dollar and cedi

The Ghana Union of Traders’ Associations (GUTA) has commended the government and the Bank of Ghana (BoG) for their efforts in stabilising the cedi.

This follows the Ghana cedi gradually reaching the ¢12 to the dollar mark within just a week. The dollar is currently selling at ¢12.10 at most forex bureaus or the retail market.

GUTA, in a release signed by its President, Dr Joseph Obeng urged the “government to continue with more efforts to sustain the program and bring relief to the business community.”

“We hope to see further and continuous appreciation of the Cedi and envisage that the economy will turn around in the shortest possible time,” parts of the statement read.

They also appealed to the business community “to also adjust prices of goods and services accordingly, to make the consuming public feel the impact of this positive trend.”

Meanwhile, a visit by Joy Business to some forex bureaus indicates that most of the operators are selling the dollar for more than ¢12. They claim the supply of dollars has reduced significantly.

Again, the cedi is losing ground quickly against the pound and euro. Whilst a pound is going for about ¢12.70, one euro is selling at ¢11.10.

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