GUTA to close down shops over economic hardship

GUTA to close down shops over economic hardship

Vice President of Ghana Union of Traders (GUTA), Clement Boateng has said it would close all shops on Wednesday, October 19 over the continuous depreciation of the cedi.

He said they would close all shops belonging to its members in Accra on Wednesday, October 19, 2022, to register its displeasure with the country’s current economic challenges.

”The rate at which the cedi is deprecating is depressing. We the traders are suffering. The situation is affecting our businesses,” Clement Boateng told Kwaku Owusu Adjei on Adwenekasa on Accra-based Original FM 91.9

”We will close down all close our shops on 19th October if nothing changes.”

According to GUTA, the depreciation of the cedi has eroded the capital of its members and is severely hampering their operations.

A dollar is currently trading at GH¢12, inflation is almost at 36% and the policy rate is now at 22%.

Ghana’s economic challenges forced government to seek a bailout programme from the International Monetary Fund (IMF).

Source: Richard Obeng Bediako

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