{"id":182025,"date":"2024-05-14T09:54:18","date_gmt":"2024-05-14T09:54:18","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/05\/14\/take-urgent-steps-to-stop-free-fall-of-cedi\/"},"modified":"2024-05-14T09:54:18","modified_gmt":"2024-05-14T09:54:18","slug":"take-urgent-steps-to-stop-free-fall-of-cedi","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/05\/14\/take-urgent-steps-to-stop-free-fall-of-cedi\/","title":{"rendered":"Take urgent steps to stop free fall of cedi"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The Ghana Union of Traders Association (GUTA) has called on the government to take urgent measures to ensure the cedi appreciates against major trading currencies, especially the dollar.<\/p>\n<p>\u201cGUTA expresses its readiness to collaborate with the government and other stakeholders on this issue,\u201d it added in a statement dated May 14.<\/p>\n<p>It said this because the depreciation of the cedi was wreaking havoc on the business community, particularly the trading sector.<\/p>\n<p>The union described the current situation as a crisis. It pointed out that the depreciating cedi, coupled with escalating freight charges from Asia, is making the cost of doing business unbearable.<\/p>\n<p>GUTA highlighted that the depreciation of the cedi has led to inflationary pressures, pushing the cost of goods sky-high and making it increasingly challenging for businesses to remain viable.<\/p>\n<p>It said the situation has also affected the purchasing power of consumers, leading to a decrease in business turnover.<\/p>\n<p>GUTA further noted that the repayment of bank loans has become extremely difficult due to these economic conditions.<\/p>\n<p>The union also drew attention to the rising freight charges and customs duties benchmarked in dollars at the port, stating that these factors are crippling trade and commerce, leading to severe hardships for businesses and consumers alike.<\/p>\n<p>GUTA also pointed out that the current economic conditions have increased the unpredictability of businesses and the value of credit purchases, making it difficult for traders to repay goods bought from overseas suppliers and leading to higher business indebtedness.<\/p>\n<p>\u00a0<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1047525\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/05\/WhatsApp-Image-2024-05-13-at-23.34.02_b450a353.jpg\" alt=\"\" width=\"720\" height=\"974\"  \/><\/p>\n<p>\u00a0<\/p>\n<hr\/>\n<div class=\"entry-content no-share\">\n<div class=\"content-inner \">\n<p><em><strong>Explore the world of impactful news with CitiNewsroom on WhatsApp!<\/strong><\/em><\/p>\n<p><em><strong>Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU:\u00a0https:\/\/whatsapp.com\/channel\/0029VaCYzPRAYlUPudDDe53x<\/strong><\/em><\/p>\n<div class=\"google-auto-placed ap_container\">\n<p><em><strong>No spams, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Ghana Union of Traders Association (GUTA) has called on the government to take urgent measures to ensure the cedi appreciates against major trading currencies, especially the dollar. \u201cGUTA expresses its readiness to collaborate with the government and other stakeholders on this issue,\u201d it added in a statement dated May 14. It said this because [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":131245,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-182025","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Take urgent steps to stop free fall of cedi - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/05\/14\/take-urgent-steps-to-stop-free-fall-of-cedi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Take urgent steps to stop free fall of cedi - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Ghana Union of Traders Association (GUTA) has called on the government to take urgent measures to ensure the cedi appreciates against major trading currencies, especially the dollar. \u201cGUTA expresses its readiness to collaborate with the government and other stakeholders on this issue,\u201d it added in a statement dated May 14. It said this because [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2024\/05\/14\/take-urgent-steps-to-stop-free-fall-of-cedi\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-14T09:54:18+00:00\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/05\\\/14\\\/take-urgent-steps-to-stop-free-fall-of-cedi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/05\\\/14\\\/take-urgent-steps-to-stop-free-fall-of-cedi\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"headline\":\"Take urgent steps to stop free fall of cedi\",\"datePublished\":\"2024-05-14T09:54:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/05\\\/14\\\/take-urgent-steps-to-stop-free-fall-of-cedi\\\/\"},\"wordCount\":297,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/05\\\/14\\\/take-urgent-steps-to-stop-free-fall-of-cedi\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Local News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/05\\\/14\\\/take-urgent-steps-to-stop-free-fall-of-cedi\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/05\\\/14\\\/take-urgent-steps-to-stop-free-fall-of-cedi\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/05\\\/14\\\/take-urgent-steps-to-stop-free-fall-of-cedi\\\/\",\"name\":\"Take urgent steps to stop free fall of cedi - 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