The Ghana Union of Traders Association (GUTA) has honoured the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, for what it described as his decisive and impactful leadership in stabilising Ghana’s monetary economy, as traders increasingly feel the benefits of easing inflation and a more stable cedi.
The recognition came at GUTA’s inauguration of new executives and awards night held in Accra, where the Governor was presented with the prestigious Policy Impact Award.
Although he was unable to attend in person, the award was received on his behalf by Bernard Otabil, Director of Communications at the central bank, and Aimee Quashie, Secretary of the Bank.
GUTA cited the Governor’s role in bringing inflation under control and restoring relative stability to the local currency as key reasons for the honour, noting that these gains have had a direct and positive impact on trading activities across the country.
For traders, who are particularly vulnerable to exchange rate fluctuations and price volatility, the recent macroeconomic improvements have offered some relief after years of economic turbulence.
Stability boosts business confidence
The recognition underscores a growing alignment between policymakers and the business community, especially at a time when confidence in the economy is gradually returning.
Many traders remain cautiously optimistic, expressing hope that the central bank will maintain its disciplined policy approach to consolidate the gains achieved so far.
The Bank of Ghana has already declared 2026 as a year of consolidation and discipline, signalling its intention to sustain macroeconomic stability while avoiding premature policy easing that could reverse recent progress.
Govt highlights traders’ role
Speaking at the event, the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, described traders as the backbone of Ghana’s economy, emphasising their critical role in sustaining livelihoods and driving national development.
Drawing on a local proverb, she noted that traders go beyond buying and selling, serving as essential links between production and consumption across the country.
She highlighted the vibrancy of trading activities in markets from Mokola to Kejetia and from Salaga to Techiman, stressing that the resilience and enterprise of traders remain central to Ghana’s economic transformation agenda.
According to her, no meaningful industrial or economic progress can be achieved without the active participation of traders and small and medium-sized enterprises.
Improving macroeconomic indicators
The Minister pointed to improving macroeconomic indicators under the administration of John Dramani Mahama, noting that inflation had dropped sharply from 22.4% in March 2025 to 3.2 percent in March 2026.
This, she explained, is translating into more predictable pricing, reduced cost volatility, and improved business confidence.
She further assured traders of government’s commitment to improving the business environment, including efforts to address bottlenecks at ports, streamline customs processes, and simplify business registration systems.
These measures, she said, are aimed at enhancing efficiency and reducing the cost of doing business in Ghana.
Call for stronger public-private collaboration
President of GUTA, Clement Boateng, reaffirmed the association’s commitment to strengthening collaboration between the private sector and government.
He emphasised that his administration would prioritise public-private dialogue as a key tool for shaping policies that reflect the realities of businesses on the ground.
In a citation presented during the event, GUTA also commended President Mahama for what it described as effective trade solutions that have contributed to stabilising the economy.
The association acknowledged government efforts in addressing long-standing challenges within the trading sector.
Legacy and policy contributions
Immediate past GUTA President, Joseph Obeng, reflected on key achievements during his tenure, including the establishment of GUTA’s Women’s Wing and contributions to policy reforms such as the reduction of benchmark values and the introduction of the 3 percent VAT flat rate scheme.
Delivering the keynote address, former Trade and Industry Minister Alan Kyerematen urged GUTA to deepen its engagement with stakeholders to unlock new opportunities for traders.
He proposed the establishment of a Traders Bank to facilitate access to finance, the development of Ghana Malls to support retail expansion, and greater participation in opportunities under the African Continental Free Trade Area.
Regulation and market protection
Chairman of the occasion, Ernest Ofori Sarpong, called for stricter enforcement of regulations to curb illegal foreign participation in Ghana’s retail sector, arguing that protecting local businesses is essential for sustaining economic growth.
The event also featured the induction of new GUTA executives and the recognition of distinguished individuals and institutions, including the Ministry of Trade, Agribusiness and Industry and the Ghana Investment Promotion Centre, for their contributions to Ghana’s economic development.
As traders continue to navigate a recovering economy, the honour bestowed on the central bank Governor reflects not only appreciation for past efforts but also expectations for sustained stability.
For many in the business community, maintaining low inflation and a stable currency will be critical to preserving margins, encouraging investment, and supporting long-term growth.
