The Ghana Union of Traders Association (GUTA) has said government is yet to meet them despite serving notice to close their shops to protest the cedi depreciation.
The Union, at a press conference on August 22, announced their decision to close down all shops on Monday, August 29 2022 to protest the depreciation of the Cedi and the economic hardship which is impacting their business negatively.
President of the Association, Dr. Joseph Obeng said the depreciation has eroded the capital of its members and is severely hampering their operations citing the current trade of the one dollar to GH¢10 while inflation is almost at 32%.
He thus urged government to take pragmatic steps adding that “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.”
However, speaking on Angel FM’s Anopa Bofo Morning Show, the Greater Accra Regional Chairman of GUTA, Nana Kwabena Peprah bemoaned that government has not reached out to them.
Mr. Osei Yaw Agyemang, the National PRO responded that they cannot tell if plans are underway to engage them.
He declared that they are ever ready to respond should government call them to discuss solutions to the cedi depreciation and inflation.
Mr. Peprah further proposed some measures to the Akufo-Addo-led administration to stop the cedi from falling further and address the ‘galloping’ inflation.
According to him, the Bank of Ghana (BoG) should introduce alternative means of trading with other countries other than the constant trading in the US Dollar.
He proposed that importers can deposit their funds in Ghanaian commercial banks and withdraw the money in the currency of the importing nation to reduce the need for dollars.
He explained further that the BoG can issue importers special cards that gives them access to bring in goods without issuance of the USD. This he said should be a collaboration between BoG and the exporting nations so that other currencies are used rather than the dollar.
“We have spoken severally about the investment laws in the country but government has failed to pay heed to our counsel and that has security implications. We have sat back for foreigners to invade all our sectors from mining to banking, telecommunications and now trading…they will pay any amount to get dollars to send home”, he lamented.
The Regional GUTA Chairman also criticized the contributions of Ghanaians to the Cedi’s fall saying that citizens are citizens are paying accommodation rent, buying houses and even paying school fees in dollars.
He debunked claims that GUTA is part of the dollar crisis with the explanation that Ghanaian importers are only 15% and the remaining 85% are foreigners.
