Bank of Ghana engages GUTA on monetary policy, business concerns

The Bank of Ghana (BoG) has held a strategic engagement with the Ghana Union of Traders Association (GUTA) to address key monetary policy issues and business-related concerns affecting traders in the country.

Purpose of the Engagement

The meeting formed part of the Bank’s commitment to foster dialogue with stakeholders and gain insights into how its policies are impacting real economic activities, particularly in the trade sector. It also aimed to enhance transparency and build confidence between the central bank and business groups.

GUTA Highlights Challenges

GUTA representatives expressed concerns over the effects of high interest rates, currency depreciation, and inflation on their operations. According to the association, these economic challenges have significantly increased the cost of doing business and eroded profit margins.

BoG Responds with Policy Clarifications

Officials from the BoG explained the rationale behind its monetary policy decisions, particularly interest rate hikes and inflation targeting, stressing that such measures are necessary to stabilize the economy in the long run. They also provided updates on efforts to strengthen the cedi and reduce inflationary pressures.

Commitment to Continued Collaboration

Both parties agreed to maintain regular communication to ensure that policies reflect the realities of the business environment. The Bank assured GUTA of its willingness to consider the association’s feedback in future policy decisions.

This engagement underscores the BoG’s dedication to balancing macroeconomic stability with private sector growth and the well-being of Ghana’s traders.