GUTA threatens massive nationwide demo over cedi depreciation
GUTA threatened to embark on a massive Nationwide Demonstration over Economic Management Team inability to control the exchange rate
President of the Ghana Union of Traders Association. (GUTA), Dr. Joseph Obeng has disclosed that Ghanaian traders are poised to demonstrate against the government over the free fall of the local currency against major trading currencies.
He stressed that traders fear their businesses will collapse if the Cedi keeps depreciating.
Speaking in an interview on Joy News’ program on Sunday, August 8., 2022, Dr Joseph Obeng said, “the exacerbating tension that is coming from the trading committee is huge…they believe that if nothing is done about their businesses, their businesses are going to collapse in perpetuity so they are calling for a serious demonstration.”
Speaking in the same vein, GUTA in a press release, stated categorically that their businesses are bleeding to death due to the high exchange rate.
The Association also added that the increase in the monetary policy rate has led to a high lending rate in the country.
“Businesses have reached a situation where their survival is seriously threatened…we are calling on the government, as a matter of urgency, to reconvene the Foreign Exchange Committee that was set up a few years ago by the Finance Ministry, which involved all relevant stakeholders, to help find an immediate solution,” part of the GUTA release read.”
Source: Joy News
