The Ghana Union of Traders Association has announced that all stores will be closed on Monday, August 29, 2022, as a formal protest against the cedi’s sharp decline.
The group claimed that the cedi’s up to 30% devaluation in the last six months has had an impact on their operations.
Dr. Joseph Obeng, the president of GUTA, laid forth a wide range of difficulties during a news conference on August 22, 2022, claiming that despite ongoing complaints about the effects of the cedi’s depreciation, the situation has only become worse.
The Russian-Ukrainian war has been often pointed to as the cause of the cedi’s problems and the challenging economic climate.
GUTA thinks that the nation is capable of taking action to deal with these problems.
The President of GUTA stated, “By the directives of the trading community, we declare the closure of shops in Accra, on Monday, August 29, 2022, to formally demonstrate these concerns to the government.
The quick and ongoing devaluation of the cedi, the ongoing increase in interest rates, and the high inflation rate, among other factors, have all contributed to the agitations of GUTA.
According to the association, we are “always ready to be of assistance to the government in its search for solutions to these plethora of challenges.”