Members of the Ghana Union Traders Association (GUTA) have pronounced that its members will be closing their shops on Monday, August 29, 2022, as a demonstration of the falling Cedi and tremendous economic hardship across the country.
The President of GUTA, Dr. Joseph Obeng made the revelation at a press conference in Accra. According to him, the quick and nonstop depreciation of the Cedi, coupled with the continuous rise in the interest rate and high inflation rate are seriously affecting their businesses.
He called on the government to as a matter of urgency wake up and see the depth to which businesses in the country are crumbling as a result of the exchange rate.
He also stressed that the effects of inflation have drastically reduced consumers’ purchasing power and resulted in the inability of the consumer to buy or purchase more.
As the bulk of imports come from China, the president of GUTA however suggests the use of the Chinese Yen as an alternative to ease the pressure on the United State Dollar.
Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen
Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0555568093.
