Cedi fall : GUTA threatens to close shops in Accra on Monday August 29

BY: graphic.com.gh
Filed photo
Filed photo

The Ghana Union of Traders Association (GUTA) has threatened to close all shops belonging to its members in Accra on Monday, August 29, 2022.

This, according to the association, is to register its displeasure with the country’s current economic challenges.

Speaking at a press conference in Accra on Monday, August 22, 2022, the President of GUTA, Dr. Joseph Obeng, said the depreciation of the cedi has eroded the capital of its members, that’s hampering their operations.

A dollar is currently trading at GH¢10, inflation is almost at 32% and the policy rate is currently at 22%.

GUTA further 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.”, Mr Obeng stated.

He added that “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.”

Related article:

Capital restrictions on foreign investors: GUTA insists retail sector is no go area for foreigners

We’ll deepen collaboration with GUTA on tax compliance - EOCO

SONA must inspire hope for business community — GUTA

GUTA locks up 'foreign' retail shops at Opera Square in Accra