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The Inspector-General of Police (IGP)\u00a0Dr George Akuffo Dampare\u00a0has toured the central business district in Accra to boost security for members of the Ghana Union of Traders Association (GUTA) as they close their shops to protest high cost of doing business.<\/p>\n
The police chief met with some of the striking traders at Opera Square and later moved to the vehicle spare parts hub of Accra \u2013 Abossey Okai \u2013 to assess the situation.<\/p>\n
The group described the industrial action, which will end on Monday 24 October as a \u201cpinch\u201d on government to urgently address the depreciating cedi, high-interest rate and inflation.<\/p>\n
GUTA announced its decision after engaging in a three-hour meeting with some members of the Council of State.<\/p>\n
In a press briefing after the meeting, the president of GUTA,\u00a0Dr Joseph Obeng, said the resolve to close shops was a distress call to the nation.
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He said even though there was a global dimension to the economic situation, thus the Russia-Ukraine war and the\u00a0COVID-19, the nation could not dwell on those events, which had no end in sight.<\/p>\n
\u201cOur immediate neighbours in this global village are Cote d\u2019Ivoire, Togo, and Burkina Faso. If they have not been consumed by these global phenomena, then, there is something fundamentally wrong with our economy,\u201d he said.<\/p>\n
The association has among other things called on the government to ascertain the factors leading to excessive demand for the forex while reviewing investment laws to retain forex and push foreign investors into productive sectors of the economy.<\/p>\n
\u201cGovernment should adopt other alternative currencies like the Chinese Yuan to reduce the pressure on the Dollar, especially. There should be the immediate implementation of the road map set out to flush out all illegal foreigners in the retail trade sector,\u201d said Obeng.<\/p>\n
Sharing his thought on the outcome of the meeting,\u00a0Samson Asaki Awingobit, the Executive secretary of the Importers and Exporters Association \u2013 a member of GUTA \u2013 explained that the Council of State indicated that it could not help with exchange rate and inflation.<\/p>\n
\u201cThis means our problems cannot be solved; hence, we\u2019re asking any businessperson, anyone who clears goods at the port, anybody who operates a shop, including cold stores to close down their shops.\u201d<\/p>\n
\u201cThe District Assemblies who will be coming to our shops for tickets (tax) will be denied, then the consumer who\u2019ll also come to buy will be denied, and the end of the day, the Government will be losing some revenue,\u201d Awingobit said.<\/p>\n
Madam Pearl Poku, a trader, told the Ghana News Agency that businesses were collapsing due to high-interest rate and exchange rate pressures as debtors chased them.<\/p>\n
\u201cWe give thumbs up to the Council of State, they\u2019ve done well, but we want more improvement in the economy,\u201d she said.<\/p>\n
The Council of State on August 25, this year, impressed upon GUTA to put an earlier decision to close shops on hold for a one-month period following assurances to address the Association\u2019s concern.<\/p>\n
A joint committee was set up and tasked to find solution to the issues.<\/p>\n
Unsatisfied with the output of the joint committee, the Association announced the closure of shops this week.<\/p>\n
Ghana currently has an interbank exchange rate of GHC11.5 to US$1, inflation rate of 37.2%, and a monetary policy rate of 24.5%.<\/p>\n
Source: asaaseradio.com<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Featured Video\n<\/p>\n\n
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