The Ghana Union of Traders Association, GUTA has declared Monday 29th of August 2022 to close all shops of its members within Accra.
It said in the interim all shops to tie red banners in front of their shops to indicate their demand on Government to look for solutions to the rapid depreciation of the Cedi coupled with high inflation and high-interest rates.
Speaking at a media briefing in Accra, the President of GUTA, Dr Joseph Obeng, said the Association is not fighting the Government but is ready and willing to hold dialogue to find a lasting solution to the economic challenges.
According to GUTA, their foreign competitors borrow at 3% or less from their home banks whereas Ghanaian businesses borrow at 28% or more hence it is difficult to compete on the back of pricing. That is why the foreigners can sell the same product at a lesser price than their Ghanaian counterparts.
GUTA bemoaned that Ghanaian contractors are suffering from the relatively high-interest rate whereas local industries are competitively disadvantaged.
The local manufacturer has to raise about nine cedis to exchange for one dollar to buy the same raw material at the world market price.
The President of GUTA noted that members are losing their capital, businesses are suffering due to institutional failures and a lack of openness on the part of the government.
“However, the solutions we have proffered to the government have not been considered. some of the solutions are unfortunately bitter pills” He added