Shops in Accra are reopening today, October 21 following the suspension of a strike action by the Ghana Union of Traders Association (GUTA).

According to the union, the move comes after several consultations with government and Ga Mantse, Nii Tackie Teiko Tsuru II.

This comes after many shops in Accra closed down on October 19 in support of a protest by the Ghana Union of Traders Association (GUTA) over the high cost of living in the country.

On October 18, the Ghana Union of Traders Association (GUTA), urged its members in Accra to close down their shops from Wednesday till Monday, October 24, 2022.

The move is to protest against rising inflation, depreciation of the Ghana Cedi and high lending rate due to an increase in the policy rate by the Bank of Ghana.

The President of GUTA, Joseph Obeng made the declaration on Tuesday at the forecourt of the Ghana International Conference Centre in Accra after a meeting with the Council of State.

GUTA says it has been assured that its recommendations “would be factored in the ongoing IMF discussions.”

The government hopes to receive $3 billion under an IMF extended credit facility programme to support the economy and open the doors to more borrowing on the international market.

Among interventions and concessions the government has made to GUTA, a Deputy Trade and Industry Minister, Michael Okyere Baafi, said a fixed exchange rate will be maintained at the ports for the next three months to cushion traders who import goods.

The Deputy Minister also said the government will suspend the ongoing invigilation by the Ghana Revenue Authority that has resulted in protests and the closure of businesses, specifically in Adum, Kumasi.

Read the full statement below