Ghana’s Union of Traders Association (GUTA) has served notice to the government to close shops on August 29, 2022 to protect against the depreciation of the Ghanaian cedi and other economic hardships.
President of GUTA Dr. Joseph Obeng addressed the media on Monday morning, he retreated that the continuous depreciation of the Ghanaian currency is negatively affecting their businesses.
“With the mandate given to the government they can turn the economy, we have given the government the mandate and they have the resources. We believe that with the resources given to the government they can turn the economy around.
“We, the members of the business community, are ever ready to avail ourselves to help the government in its quest in finding solutions to the many challenges. We should not throw our hands in disarray and place the economy on autopilot,” Dr. Obeng said.
GUTA added that the depreciation of the cedi has eroded the capital of its members and is severely hampering their operations. Recently, Ghana’s central bank increased its policy rate to 22%.
The US dollar is currently trading at GH¢10 while inflation is almost at 32%.