The Ghana Union of Traders Association (GUTA) has announced that all of its members’ stores in Accra will close on Monday, August 29, 2022, to protest the country’s present economic woes.
According to GUTA, the cedi’s depreciation has destroyed its members’ capital and significantly hampered their operations.
The dollar is currently selling at GH10, inflation is approaching 32%, while the policy rate is at 22%.
At a news conference in Accra, the President of GUTA, Dr Joseph Obeng, urged the government to move quickly to address their concerns in order to save the country’s suffering economy.
“The Monetary Policy Rate is 22% meaning that Commercial Lending Rate is over 35%, VAT Standard Rate of 19.25% instead of flat rate of 4%. The huge influx of foreigners in the retail business against our investment loss. Do not review any system to increase duties on importing Second-hand clothing. Listen to the concerns of car dealers. Withdraw compulsory maritime insurance policy, we don’t think you should blame us for the high prices of goods in the market. The activities of the black market are also a matter of concern.”
“These have gotten out of hand and need immediate solutions before things get out of hand. We have decided to close all shops from Monday to register our displeasure to the government officially,” he said.
Source: Mybrytfmonline
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