GUTA urges members to shut down shops over high inflation.

According to the Ghana Union of Traders Association (GUTA), its members would continue to shut down their businesses in the Greater Accra Region on Wednesday, October 19, 2022, to express their displeasure with the current economic difficulties.

This is despite an interaction with Council of State members on Tuesday, October 18, to persuade the body to change its mind.

According to GUTA, the recent high cost of doing business has made the protest necessary. They assert that the ongoing devaluation of the local currency on the exchange market and the high inflation rate have made their situation worse.

At many forex bureaus right now, a dollar is selling for more than GH12.

Dr. Joseph Obeng, President of GUTA, addressed the media following the interaction with the Council of State on August 25, thus 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’s concern.

A joint committee was set up and tasked to find solution to the issues.

Unsatisfied with the output of the joint committee, the Association announced the closure of shops this week.

Ghana currently has an interbank exchange rate of GH₵11.5 to US$1, inflation rate of 37.2 per cent, and a monetary policy rate of 24.5 per cent

Content created and supplied by: Dashmend (via Opera News )