The Ghana Union of Traders Association (GUTA) has stated its willingness to work with the government to develop policies that will enable the local currency appreciate against major trading currencies, particularly the dollar.
A statement issued by GUTA and signed by its President, Dr. Joseph Obeng, bemoaned that the cedi’s depreciation was wreaking havoc on the business community, particularly the trading sector. It has thus requested that the government find answers to the problem.
“GUTA expresses its readiness to collaborate with the government and other stakeholders on this issue,” it added in a statement dated May 14.
According to the traders, the situation was a crisis that impacted their commercial operations.
The statement said, the devaluing cedi, along with rising freight expenses from Asia, is making doing business prohibitively expensive.
It noted that the situation has resulted in inflationary pressures, raising the cost of goods and making it increasingly difficult for firms to remain viable.
It stated that crisis has also affected consumers’ purchasing power, resulting in a fall in business turnover. Meanwhile, GUTA has stated that due to the current economic situation, repaying bank debts has become increasingly difficult.
GUTA added that the rising freight charges and customs duties benchmarked in dollars at the port are also factors crippling trade and commerce, leading to severe hardships for businesses and consumers alike.
Read the full statement below
By: Rainbowradioonline.com/Ghana