The Ghana Union of Traders' Associations (GUTA) says the recent appreciation of the cedi is being driven in part by a sharp reduction in demand for foreign currency among its members.
According to Charles Kusi Appiah, Head of Business and Economic Bureau of GUTA, traders are now abandoning the dollar in favour of the cedi, which has shown unexpected resilience in recent weeks.
Speaking on Joy News' PM Express Business Edition on Thursday, May 8, he said the behaviour change is a direct reflection of improved confidence in the local currency and reduced need for forex in international transactions. "When the cedi is not doing well, people put their trust in forex.
The dollar becomes the store of value.
