Bring measures in mid-year budget to sustain, stabilize the cedi — GUTA to Finance Minister

By Isaac Donkor Distinguished

Business & Finance President of the Ghana Union of Traders Association, Joseph Obeng

MON, 22 JUL 2024

President of the Ghana Union of Traders Association, Joseph Obeng

The Ghana Union of Traders Association (GUTA) has urged the Finance Ministry to introduce measures to stabilize the cedi in the upcoming mid-year budget.

Speaking to Accra-based Starr FM on Monday, July 22, GUTA President Dr. Joseph Obeng said the depreciation of the local currency is hurting business growth in Ghana.

“If you look at the current depreciation of the Ghana cedi our local currency, it is also not helping the growth of businesses and then you can’t predict or you can’t forecast, and all that," he stated.

Dr. Obeng stressed that businesses already grapple with high costs due to taxes and port clearing charges.

With the frequent free fall of the cedi, the group said businesses find it difficult to plan for the future.

"For now, there is seeming stability and what we expect from the Finance Minister is to bring up measures that can sustain and stabilize the cedi. That’s the surest way to help the growth of businesses in the country," the GUTA President noted.

The Finance Ministry is expected to deliver the mid-year budget review on Tuesday, July 23.