The Ghana Union of Traders (GUTA) says several members risk suffering the collapse of their businesses due to the current challenges confronting the economy.
President of GUTA Dr. Joseph Obeng indicated the interest rate has shot with the foreign exchange rate reaching an alarming rate creating massive depreciation of the local currency.
The situation he lamented could be worse if the current challenges persist.
”We are currently faced with several threats to our businesses. The depreciation of the cedi has reached an alarming rate. The dollar was Ghc6 cedis in December last year but has moved to Ghc9.1.”
He told Kwabena Agyapong on Rainbow Radio 87.5Fm that it was about time the government of Ghana put in measures to address the concerns.
He wants the government to revive the forex committee that was set up recently so stakeholders would meet and discuss the challenges and the way forward.
He stressed that businesses are facing threats, and we need ways to stabilise our local currency against the dollar. Our capital has been reduced by 30%, and if efforts are not adopted to address the concerns, we risk having several businesses collapse.
He said the government must take the necessary steps to help increase the stock of various made-in Ghana goods on the shelves of supermarkets in the country.
He was worried that several of these supermarkets import the majority of their products abroad when they could get some of them in Ghana.
Such a practice, he added, could cripple the industry and give undue advantage to foreign businesses.
By: Rainboweadioonline.com/Ghana
