The Bank of Ghana recently met with the Ghana Union of Traders Association (GUTA) at the Bank Square to discuss key economic issues. The meeting aimed to foster a stable macroeconomic environment, supporting sustainable growth, price stability, and financial stability.
The Bank of Ghana reaffirmed its commitment to maintaining a stable macroeconomic environment. GUTA President Dr. Joseph Obeng expressed concerns about the impact of high interest rates on businesses, emphasizing the need for affordable financing to sustain traders’ livelihoods. The Bank of Ghana responded by explaining its policy decisions, citing external pressures such as tightening global financial conditions, exchange rate volatility, and high import costs.
The central bank increased its policy rate from 27% to 28%, sparking concerns within the business community. The Bank of Ghana emphasized the importance of controlling inflation to ensure long-term economic confidence.
Both parties agreed on the need for continued engagement and collaboration. The Bank of Ghana assured GUTA that it values stakeholder input and will consider these perspectives in future policy decisions. By working together, they aim to create a more stable and prosperous economic environment for Ghana’s traders and businesses.
“The pain businesses are experiencing is real, and we’re listening,” said Dr. Philip Abradu-Otoo, Director of Research, Bank of Ghana. Dr. Joseph Obeng added, “We understand the macroeconomic imperatives, but the livelihoods of thousands of traders depend on affordable financing. We must find a balance.”
Ruth Abla ADJORLOLO
