Cedi depreciation collapsing our business – GUTA

The Ghana Union of Traders Association (GUTA) has bemoaned the effects of the Cedi depreciation on their businesses.

GUTA in a press release dated May 14, 2024, expressed concern about the lack of progress and continuous crashing of their business.

According to the traders, “depreciation of the cedi” is “creating a big mess for the business community, especially, the trading sector.”

They said the ailing Cedi coupled with “rising freight charges from Asia is rendering the cost of doing business unbearable”.

“The current state of affairs has far-reaching implications and has caused prices of goods and services to increase for the consuming public. 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,” the statement read in part.

They appealed to the government to pay critical attention to remedy the situation and save businesses.

“GUTA hereby calls on the government to take urgent measures to save this alarming situation from getting out of hand. GUTA expresses its readiness to collaborate with the government and other stakeholders on this issue.”