The Ghana Union of Traders Associations (GUTA) has expressed concern over the persistent depreciation of the cedi against major trading currencies.<\/strong><\/p>\nAccording to the Union, the situation is having a dire effect on the capital of its members who are already reeling from the impacts of the economic challenges in the country.<\/p>\n
In a statement sighted by\u00a0GhanaWeb\u00a0Business, President of GUTA, Dr. Joseph Obeng, called on the government to urgently take steps towards addressing the cedi\u2019s depreciation.<\/p>\n
\u201cGUTA expresses deep frustration over the current depreciation of the cedi, which is creating a big mess for the business community, especially, the trading sector. This seeming crisis coupled with the ever-rising freight charges from Asia are rendering the cost of doing business unbearable,\u201d Dr Joseph Obeng wrote.<\/p>\n
He added that, \u201cThe current state of affairs has far-reaching implications and has caused prices of goods and services to increase for the consuming public,\u201d<\/p>\n
The GUTA president also outlined some major effects of the cedi\u2019s depreciation especially on Ghanaians businesses as follows:<\/p>\n
\u2022 The inflationary pressures resulting from the depreciating cedi have pushed the cost of goods through the roof, making it increasingly difficult for businesses to stay afloat.<\/p>\n
\u2022 The purchasing power of the consuming public has also been affected, thereby reducing the turnover of businesses.<\/p>\n
\u2022 Repayment of loans to the bank has then become extremely difficult.<\/p>\n
\u2022 The rising freight charges, compounded by customs duties benchmarked in dollars at the port, are crippling trade and commerce, leading to untold hardships for businesses and consumers alike.<\/p>\n
\u2022 It has increased unpredictability or forecast of businesses.<\/p>\n
\u2022 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.<\/p>\n
GUTA added that it remains keen to \u201ccollaborate with the government and other stakeholders on this issue.\u201d<\/p>\n
MA<\/p>\n
Source:\u00a0<\/strong>www.ghanaweb.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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