GUTA Laments Cedi Depreciation

Traders in the country have voiced out their concerns about the fall in the value of the local currency and how it is dealing a blow to their businesses.

The Ghana Union Traders Association (GUTA), expressing its sentiments in a statement, noted that the cedi’s depreciation was frustrating the business community particularly, its members.

The statement, signed by GUTA President, Joseph Obeng, revealed that the ongoing economic challenges, and also the ever-rising freight charges from Asia, were making the cost of doing business high.

“The current state of affairs has far-reaching implications and has caused prices of goods and services to increase for the consuming public,” the statement noted adding that the inflationary pressures resulting from the depreciating cedi have also increased the cost of goods, and traders are battling to overcome such challenges.

The cedi was selling at GH₵14.80 at forex bureaux while the British Pound was going for GH₵18.20, and the Euro selling at GH₵15.80.

According to GUTA, while its members are finding it difficult to repay loans from banks to support their operations, the purchasing power of the consuming public has been affected thereby reducing the turnover of businesses.

Furthermore, GUTA averred that the rising freight charges, exacerbated by customs duties bench-marked in dollars at the ports, were affecting trade and commerce, causing untold hardship for businesses and consumers.

“The value of credit purchase increases, thereby, making it very difficult for traders to repay the goods bought from their overseas suppliers, leading to higher indebtedness to businesses,” he said.

GUTA has appealed to the government to “take urgent measures to save this alarming situation from getting out of hand.”