BoG is praised by GUTA for dispelling the illusion of the dollar “store of value.”

The Ghana Union of Traders’ Associations (GUTA) is praising the cedi, the country’s currency, for its impressive comeback.
The Bank of Ghana (BoG) was commended for reviving trust in the cedi and ending years of concerns about foreign exchange.

The Association stated in a statement signed by Charles Kusi Appiah Kubi, the head of its Business and Economic Bureau, and GUTA President Dr. Joseph Obeng that the cedi has steadily increased in value relative to other trading currencies since January.

They claim that this development has given the business community “respite and confidence.”
According to the statement, “this has given the business community hope in recovering some of the lost capital over the last couple of years.”

The idea that the foreign currency represents a store of value in the Ghanaian community has been undermined, notably, by the positive speculation and predictability it has brought to the foreign exchange arena.

GUTA attributed this newfound stability to the government’s seeming fiscal restraint as well as the central bank’s effective control of the foreign exchange market.

In order to assist the nation “achieve full economic recovery, make businesses competitive, increase productivity, and alleviate the high cost of living,” the union is pleading with the government to “maintain these prudent measures.”