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    DDEP: Government hopeful bondholders will register for programme

    5 important things to know about the African Continental Free Trade Area agreement

    DDEP: Non-participation will prolong efforts to revive economy – Ofori-Atta

    We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners

    Idris Elba adds Ghana to the list of African countries he wants to partner with

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Pensioners to picket at Finance Ministry over DDE

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    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

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    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

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GUTA welcome reviewed forex rules

bycitibusinessnews
June 16, 2014
in Banking And Finance, Business
Share on FacebookShare on TwitterShare on Whatsapp

The Ghana Union of Traders’ Association (GUTA) has welcomed the review of the foreign exchange rules introduced by the bank of Ghana in February this year to help save the cedi from further fall against the dollar and other major foreign currencies.

GUTA has expressed delight with the 50,000 dollar increase in the threshold for transfers abroad without submitting documentation against the initial 25,000 dollars.

But the traders say the impact of the reviewed rules will only be properly assessed after a period in operation.

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The bank of Ghana last week announced it has reviewed a number of the rules it implement in February to save the cedi from further fall.

Speaking to Citi Business News the President of GUTA, George Ofori said the review of the rules vindicates their position that it did not achieve its intended objective.

“Bank of Ghana has realized the hitches and has now come to the realization that whatever some of us that is the business community was saying has come to fruition even though we might not be happy about all the regulation, but it is a step that the BoG has taken” , he said.

George Ofori expressed satisfaction with the extensive consultation with the Governor of the Bank of Ghana Dr. Henry Kofi Wampah and GUTA before the reviewed measures were released.

Meanwhile the Ghana Hotels Association has also commended the Bank of Ghana for allowing receipts in foreign currency from non residents.

According to the First National Vice President of the Ghana Hotels Association Bruce Porter , “the change in direction to allow the hotels to legally accept the dollar over the counter for accommodation only gives freedom for the hotels to service the international traveler and business man”.

By:  Rabiu Alhassan/citifmonline.com/Ghana

 

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