GUTA applauds BoG for shaking Dollar ‘Store of value’ myth

The Ghana Union of Traders’ Associations (GUTA) has praised the Bank of Ghana (BoG). They welcomed the recent appreciation of the cedi. GUTA sees this as a boost to business confidence. It also challenges the belief that the dollar is a better store of value.

In a statement, GUTA President Dr. Joseph Obeng and Charles Kusi Appiah Kubi signed on behalf of the Association. They noted that this development has restored hope for many in business. Many had lost capital during past currency fluctuations.

“This has brought hope to recoup some lost capital,” they stated. The GUTA leadership spoke with Shaft FM’s Aduanaba Kofi Boamah. They expressed optimism about improved predictability in the foreign exchange market.

This predictability is crucial for business planning and stability. “It has created positive speculation around foreign exchange,” they added. This change erodes the idea that foreign currency is a safe store of value in Ghana.

GUTA credits this economic optimism to BoG’s management of the forex market. They also recognize the government’s fiscal discipline as a contributing factor. The union urges authorities to maintain these prudent measures.

They believe these actions are key to long-term economic recovery and competitiveness. Sustaining them could also help relieve high living costs.