Ghana Union of Traders’ Association (GUTA) has voiced apprehension regarding the forex exchange crisis currently unfolding in neighboring Nigeria and its possible repercussions on Ghana.
In response, the association is urging the government and the Bank of Ghana to implement stringent measures to prevent the situation from affecting Ghana adversely.
Dr. Joseph Obeng, the President of the Union, emphasised during an interview with GhanaWeb Business that it is imperative for the Central Bank and the government to work together to address and regulate what he described as the illicit cross-border money transactions from Nigeria to Ghana.
“The Union is cautioning the Government and the Bank of Ghana to effectively put in measures that will control and contain the illegitimate cross-border trade in money as well as the transactions nicodemously done through the banks without the notice of the Bank of Ghana.”
“The Union therefore asks the government to take these developments seriously and act upon them with the utmost urgency,” Dr. Obeng added.
In recent weeks, Nigeria’s local currency has experienced multiple declines against the US dollar, prompting worries among market observers and the broader trading and business community across West Africa.
A report from Bloomberg reveals that Nigeria’s currency depreciated by 2.1% to 1,615.94 per dollar in the NAFEM window on Tuesday, based on data provided by FMDQ, which tracks the exchange rate.
This development marks the lowest point the currency has reached against the US dollar since Bloomberg began compiling such data.
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