The Ghana Union of Traders Association (GUTA) has commended President John Mahama for the recent stability in the dollar exchange rate. Mr. Joseph Paddy, Director of Industrial Relations and PRO of GUTA, expressed his delight with the current rate of the dollar compared to the cedi in a recent interview on Ahotor FM. According to Mr. Paddy, the stability of the dollar rate is crucial for businesses, as fluctuations can significantly impact the cost of doing business in the country.
Mr. Paddy attributed the reduction in the dollar rate to the efforts of the Bank of Ghana and the Finance Minister, and urged that these efforts be continued to further stabilize the market. He emphasized that a stable exchange rate would benefit both buyers and sellers, allowing traders to make projections with confidence. With a stable exchange rate, traders would be able to plan and budget more effectively, which would have a positive impact on the overall economy.
The traders’ association is hopeful that the current trend will continue, with the exchange rate potentially reaching 10 cedis to a dollar. Mr. Paddy believes that this would be a significant milestone, enabling traders to make projections with confidence and facilitating business planning. He commended President Mahama for his efforts in stabilizing the dollar rate and expressed hope that the President would continue to prioritize economic stability.
The stability of the dollar rate is a welcome development for traders, who have often struggled with the unpredictability of exchange rate fluctuations. With a stable exchange rate, traders can focus on growing their businesses, rather than worrying about the impact of exchange rate volatility on their operations. The traders’ association believes that the government’s efforts to stabilize the dollar rate will have a positive impact on the economy, and is urging the government to continue on this path.
GUTA’s commendation of President Mahama’s efforts to stabilize the dollar rate reflects the importance of economic stability for businesses. The association’s call for the government to continue prioritizing economic stability highlights the need for a stable economic environment to support business growth and development. By stabilizing the dollar rate, the government can create a favorable business environment, which will have a positive impact on the overall economy.
The recent stability in the dollar exchange rate is a significant development for Ghana’s economy. The country’s economic growth and development depend on a stable economic environment, and the government’s efforts to stabilize the dollar rate are a step in the right direction. As the country continues to navigate the complexities of economic development, the stability of the dollar rate will be crucial in determining the success of businesses and the overall economy.
Story by: Ohemaa Adusi-Poku
