Ghana Union of Traders Association (GUTA) has led a protest by closing shops over cost of living stemming from continuous Cedi depreciation, inflation, among others. This move has gained tremendous support from traders.
Ghana forex challenges and inflation have been the major reasons for this move by Ghana Union of Traders Association (GUTA) as the Ghana Cedi keeps depreciating against major currencies.
Most of these traders rely on imports for their businesses and depreciation of the cedi means these traders will need more cedis to purchase imports, impacting negatively on the prices of their goods and services.
Most shops have been closed in the central business district (Accra), Kwame Nkrumah Circle and parts of Accra.
Some of the traders explained that the dollar rate has increased, rendering a drop in the cedi value.
They added that the government has done very little and have blamed Covid and Ukraine-Russian war for the high cost of living in the country.
According to these traders, business is no longer lucrative and they are just trying to manage the situation but the situation keeps deteriorating hence their decision to close shops and a step in the right direction to send some signals to the government about the hardship in the country, especially on the part of the business owners.
Despite some traders closing their shops to support the protest, other shop owners opened their shops for trade. According to those whose shops were opened, closure of shops is not the way to go as they have mouths to feed.
“I don’t believe in closing shops, but I am wearing this red band to show the government that I am very troubled about our capital going down,” said a trader whose shop was opened.
Traders in Adum Kumasi in a similar action last week closed down their shops to protest rising taxes in the country.
They lamented the payment of high taxes, high cost of store rentals etc. which are having adverse effects on their business and affecting their profits.
