The Ghana Union Merchants Affiliation (GUTA) and the Affiliation of Ghana Industries (AGI) have pledged to help strikes by the Financial institution of Ghana to implement its international alternate measures and rules.
Talking on PM EXPRESS BUSINESS EDITION on August 28, 2025, with host George Wiafe, the president of GUTA, Joseph Obeng, mentioned the transfer by the Financial institution of Ghana is in the suitable path, trying on the present challenges dealing with the financial system, including that “there may be nowhere on the planet the place a international foreign money is the dominant authorized tender for native transactions.”
“For us at GUTA, if it’s about compliance, that may occur with regards to these revised Foreign exchange measures and tips,” the president of the GUTA mentioned.
“Our native foreign money is doing effectively, and that is the time that every little thing have to be executed to help its stability,” Joseph Obeng maintained.
He additionally rejected arguments that the majority of his members are caught up within the observe of quoting their costs in {dollars}.
In that regard, the president of the Affiliation of Ghana Industries, Dr Humphrey Kwesi Ayim Darke, famous that the Financial institution of Ghana ought to be powerful to make sure that the foreign exchange guidelines are complied with by companies.
“For us we don’t see these measures as new, however the problem has at all times been with the enforcement,” the AGI president said.
He famous that “implementing these measures won’t be straightforward, however the Financial institution of Ghana should stay centered and hard.”
Background
The Financial institution of Ghana on August 27, 2025, introduced an modification to the rules on the importation and exportation of international foreign money from the nation.
In response to the Financial institution of Ghana, the directive is according to anti-money laundering guidelines.
It reminded travellers that they can not carry US$10,000.00 (or its equal in every other international foreign money and financial devices) with out declaration.
The Financial institution of Ghana additionally reminded the general public that unlicensed or unauthorised dealings in foreign exchange actions (black market transactions), pricing/quoting, promoting, issuing receipts, and receiving and/or making funds for items and providers in international foreign money, significantly america greenback in Ghana, are strictly prohibited beneath the Overseas Change Act, 2006 (Act 723).
Sustaining the cedi’s stability
Talking on the identical programme, senior economics lecturer Dr Adu Owusu Sarkodie described the present stress on the cedi as anticipated following its sharp appreciation towards the greenback.
“Imposing the present foreign exchange regulation to make sure that the cedi is the one authorized tender is prudent,” Dr Owusu Sarkodie mentioned.
He was, nonetheless, nervous concerning the timeline that these revised Foreign exchange Measures will take impact from Monday, September 1.
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DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially signify the views or coverage of Multimedia Group Restricted.
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