GUTA to close shops over Cedi fall, high inflation

The Ghana Union of Traders Association (GUTA) has served notice to the government that they will close down shops on Monday, 29th August 2022 in protest of the depreciation of the Cedi and severe economic hardship.

Addressing the media on Monday August 22, 2022, the President for GUTA, Dr. Joseph Obeng said the rapid and continuous depreciation of the cedi is 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 stated.

He further called on the government to stretch its hands to all major stakeholders to bring their expertise on board to salvage the economy.

GUTA added that the depreciation of the cedi has eroded the capital of its members and is severely hampering their operations. A dollar is currently trading at GH¢10 while inflation is almost at 32%. The Bank of Ghana has also increased the policy rate to 22%.

Source: Ghana/Starrfm.com.gh