The immediate shutdown of all retail businesses in the nation has been demanded by the Ghana Union of Traders Association (GUTA).
Due to the high cost of doing business, which they claimed hurt their operations, the stores closed on Monday, August 29, 2022. Some business owners claimed the change was costing them a ton of money. Dr. Joseph Obeng, president of the GUTA, urged the government to address the fact that the cedi’s depreciation against other significant trade currencies is out of control and that the country’s high loan rate is also a result of the monetary policy rate’s increase.
If the government doesn’t act right away to find a solution, businesses would face a major threat to their survival, he claimed. He urged the administration to quickly schedule a meeting of the Foreign Exchange Committee, which was established a few years ago by the Finance Ministry and included all pertinent parties, to help find a quick fix.
According to the requests of the business community, we declare the closure of stores in Accra on Monday, August 29, 2022, to formally express these concerns to the government, said GUTA President. The organization continued by saying that it is “always willing to make ourselves available to the government in its search for solutions to this plethora of challenges.”
