The Ghana Union of Traders Association (GUTA) has called an end to its two-day strike and urged its members to reopen their businesses today, Friday.
In a statement, the union stated that consultations with the government and Ga Mantse, Nii Tackie Teiko Tsuru II had resulted in a softening of its stance.
GUTA had been protesting due to Ghana’s currency problems and rising business costs.
The cedi has been identified as the worst-performing currency, with a drop of more than 50% to the dollar in 2022.
However, citing government goodwill, the union stated that the government intends to form a working committee comprised of the Ministry of Trade and Industry, National Security, and GUTA to “swiftly come out with pragmatic measures to solve the challenges.”
It also stated that it had been assured that its recommendations “would be taken into account in ongoing IMF discussions.”
The government hopes to receive $3 billion from an IMF extended credit facility program to help the economy and open the door to more international borrowing.
Among the interventions and concessions made by the government to GUTA, Michael Okyere Baafi, Deputy Trade and Industry Minister, stated that a fixed exchange rate will be maintained at the ports for the next three months.
Also read: GUTA intends to close its stores on October 19
Among the interventions and concessions made by the government to GUTA, Michael Okyere Baafi, Deputy Trade and Industry Minister, stated that a fixed exchange rate will be maintained at the ports for the next three months to cushion traders who import goods.
The Deputy Minister also stated that the government will suspend the Ghana Revenue Authority’s ongoing invigilation, which has resulted in protests and the closure of businesses, particularly in Adum, Kumasi.
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