{"id":340073,"date":"2025-05-07T08:34:50","date_gmt":"2025-05-07T08:34:50","guid":{"rendered":"https:\/\/www.ghanamma.com\/2025\/05\/07\/guta-commends-bog-for-breaking-dollars-dominance-as-store-of-value\/"},"modified":"2025-05-07T08:34:50","modified_gmt":"2025-05-07T08:34:50","slug":"guta-commends-bog-for-breaking-dollars-dominance-as-store-of-value","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2025\/05\/07\/guta-commends-bog-for-breaking-dollars-dominance-as-store-of-value\/","title":{"rendered":"GUTA commends BoG for breaking dollar\u2019s dominance as store of value"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"\" data-start=\"208\" data-end=\"433\">The Ghana Union of Traders\u2019 Associations (GUTA) has commended the Bank of Ghana (BoG) for the recent appreciation of the cedi, noting that the local currency\u2019s improved performance has provided much-needed relief to businesses.<\/p>\n<p class=\"\" data-start=\"435\" data-end=\"743\">In a statement signed by its President, Dr. Joseph Obeng, GUTA acknowledged the steady strengthening of the cedi against major international currencies since the beginning of the year.<\/p>\n<p class=\"\" data-start=\"435\" data-end=\"743\">The association highlighted that the trend has boosted business confidence and contributed to a more stable economic environment.<\/p>\n<p data-start=\"435\" data-end=\"743\">\u201cWe wish to highly commend the Governor and his team for efficiently managing the forex market to this extent,\u201d the statement said, highlighting the role of the Central Bank\u2019s prudent policies and the government\u2019s fiscal discipline in achieving this stability.\u201d<\/p>\n<p data-start=\"435\" data-end=\"743\">\u201cImportantly, it has also brought a positive speculation and predictability around the foreign exchange space, thereby eroding the notion that the foreign currency is a store of value in the Ghanaian community\u201d, the statement read.<\/p>\n<p class=\"\" data-start=\"745\" data-end=\"1107\">GUTA attributed the cedi\u2019s resilience to the BoG\u2019s prudent management of the foreign exchange market, coupled with the government\u2019s commitment to fiscal discipline.<\/p>\n<p class=\"\" data-start=\"745\" data-end=\"1107\">According to the traders, these efforts have helped restore stability and predictability for importers and traders, who have long grappled with currency volatility and rising operational costs.<\/p>\n<p class=\"\" data-start=\"1109\" data-end=\"1341\">The commendation from GUTA follows a broader sentiment of optimism among private sector players, as the cedi\u2019s recent performance contrasts with periods of sharp depreciation that previously threatened margins and pricing stability.<\/p>\n<p data-start=\"1109\" data-end=\"1341\">\u201cThese prudent measures, if sustained, would lead to full economic recovery and make businesses competitive\u201d, the release added.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Ghana Union of Traders\u2019 Associations (GUTA) has commended the Bank of Ghana (BoG) for the recent appreciation of the cedi, noting that the local currency\u2019s improved performance has provided much-needed relief to businesses. In a statement signed by its President, Dr. Joseph Obeng, GUTA acknowledged the steady strengthening of the cedi against major international [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":340074,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-340073","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GUTA commends BoG for breaking dollar\u2019s dominance as store of value - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2025\/05\/07\/guta-commends-bog-for-breaking-dollars-dominance-as-store-of-value\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GUTA commends BoG for breaking dollar\u2019s dominance as store of value - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Ghana Union of Traders\u2019 Associations (GUTA) has commended the Bank of Ghana (BoG) for the recent appreciation of the cedi, noting that the local currency\u2019s improved performance has provided much-needed relief to businesses. 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