BY: DANIEL ASARE
Some Traders at Lapaz, a suburb of Accra, have praise the Bank of Ghana for restoring confidence in the cedi and turning the tide against years of foreign exchange anxiety.
Their comment came at the back of GUTA association, hailing Government of Ghana for a remarkable rebound of the local currency, the cedi. They further urged offshore investors to have confidence in Ghana’s economy and come invest in the country
In a statement signed by GUTA President Dr. Joseph Obeng and Head of its Business and Economic Bureau, Charles Kusi Appiah Kubi, the Association noted that from January to date, the cedi has shown steady gains against major trading currencies.
This development, they say, has brought “respite and confidence” to the business community.
Commenting on the aforesaid issue, some traders at lapaz have hailed the Government of Ghana (GoG) for restoring confidence in the local currency
“We are extremely glad about the cedi that has appreciated against some major trading currencies (dollar/euro etc.). Two years ago, Nasco Air-condition was four thousand five hundred Ghana cedis but currently its sells three thousand eight hundred Ghana cedis, which makes it very affordable to be purchased by all and sundry, so the dollar that has depreciated against the cedis has really helped us” says Nana Frimpong, a trader at Lapaz
A Trader, Damoah Michael also said “It’s very true that the Dollar has depreciated against the Ghanaian cedi and it’s because the Russia-Ukraine war and the Israel-Gaza has halted. I urged government to ensure that the market price of the kenkey decreases due to the increase in the value of the cedi”.
Meanwhile President of the Concerned Secondhand Dealers Association, Daniel Asare also heap praise upon the Bank of Ghana for their tremendous effort put in place to ensure remarkable rebound of the Ghanaian cedi against
the dollar. He also urged foreign investors to take advantage of the rebound and come invest in Ghana for the better
The Union is urging the authorities to “sustain these prudent measures”, which, if maintained, could help the country “achieve full economic recovery, make businesses competitive, increase productivity, and alleviate the high cost of living.”