Eight trader groups and importers in Kumasi, Ashanti Region, have threatened to close their shops and halt imports for two weeks in order to protest the cedi’s continuous free fall against major trading currencies.
The traders who import and sell clothing and goods claim that the volatile nature of the exchange rate is collapsing their business and eroding their capital.
Nana Yaw Agyeman, Deputy Secretary of the Kumasi Importers Association, said the various groups’ leadership is mobilizing members to begin the strike next week.
“Right now, we’re at a standstill. Mr. Agyeman told Citi News, “All of our capitals are in a ditch.”
“Inflation is destroying us.” It is collapsing all of our finances and capital, and we cannot sit back and watch our capital drain like that,” he added.
Last week, the Ghana Union of Traders Association (GUTA) went on strike over similar concerns.
The strike only lasted two days because the government intervened to appease the importers.
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.
Also read: GUTA suspends strike after governments intervention
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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