In protest of the high cost of doing business in the nation, thousands of shopkeepers in Kumasi, the capital of the Ashanti Region, have threatened to close over 8,000 stores on November 5, 2022.
The traders who operate at markets like Kejetia, Racecourse, Abinkyi, Bantama, Asafo, and Kwadaso, among others, have threatened to suspend all trading activity by closing their stores to express their concerns about the Ghana Cedi’s precipitous decline against major trading currencies worldwide.
The traders, who are members of six separate associations in Kumasi City, have instructed their associates to halt imports for the first two weeks starting on Monday, October 24, 2022.
The traders are mainly from the Ashanti Regional branch of the Importers Association, Kumasi Togo Agents and Traders Association, Clothes Sellers Association, T-Shirt Sellers Association, Materials sellers Association, Babies and Children Wear Dealers Association, and Headscarves Dealers.
Speaking to OTEC News Kwame Agyenim Boateng on Sunday, October 23, 2022 the Public Relations Officer for Importers Association, who doubles at the Deputy Secretary for Kumasi Togo Agents and Traders Association Nana Yaw said they will be compelled to close over 8,000 shops in Kumasi City on November 5, 2022 if nothing changes.
He explained that the local currency’s inability to compete with the Dollar and the CFA was negatively impacting their businesses.
“This protest is a signal to the government to have a sense of urgency to salvage the situation”
He added that things were quickly getting out of hand and something had to be done as a matter of urgency to avoid collapsing the system.
“We are pleading with the government do something to stop the depreciation of the cedi and the high rate of inflation to reduce the hardships faced by Ghanaians,” he added.