Due to the ongoing depreciation of the cedi, the Ghana Union of Traders Association (GUTA) has announced that all businesses will be closed on Wednesday, October 19.
Industry insiders anticipate a further devaluation of the Ghanaian currency as the dollar crosses the 11-cedi mark.
Members of GUTA bemoan how the situation is affecting both their access to capital for businesses and consumers’ purchasing power.
Dr. Joseph Obeng, National President of GUTA, stated in an interview with Citi News that the goal of the action is to force the government to come up with creative solutions to deal with the free fall of the cedi.
“The cedi is depreciating at a depressing rate. The traders and I are struggling. The circumstance has an impact on our business.
Also read: GUTA warns of more protests over high taxes
If nothing changes, we will be forced to close our stores on October 19.
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