The Ghana Union of Traders Association (GUTA) has announced it will close all shops belonging to its members in Accra on Monday, August 29, 2022, to register its displeasure with the country’s current economic challenges.
According to GUTA 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, inflation is almost at 32% and the policy rate is currently at 22%.
Speaking at a press conference in Accra, the President of GUTA, Dr. Joseph Obeng, called on the government to act swiftly to address their concerns to salvage the ailing economy.
“The Monetary Policy Rate is 22% meaning that Commercial Lending Rate is over 35%, VAT Standard Rate of 19.25% instead of flat rate of 4%. The huge influx of foreigners in the retail business against our investment loss. Do not review any system to increase duties on importing Second-hand clothing. Listen to the concerns of car dealers. Withdraw compulsory maritime insurance policy, we don’t think you should blame us for the high prices of goods in the market. The activities of the black market are also a matter of concern.”
“These have gotten out of hand and need immediate solutions before things get out of hand. We have decided to close all shops from Monday to officially register our displeasure to the government.”
Ghana’s economy is currently in dire straits with worsening public debt, rising inflation, skyrocketing fuel prices, and cedi depreciation, among others.
Latest figures released by the Bank of Ghana put Ghana’s total public debt stock, as of June 2022, at USS 54.4 billion or GH¢393.4 billion.