By The Ghana Union of Traders Association (GUTA) has voiced its frustration regarding the current condition of the cedi.
In a statement signed by its president, Dr. Joseph Obeng, the association expressed concern that the depreciation of the cedi has significantly impacted the business community, particularly the trading sector.
It noted that this economic challenge, combined with escalating freight charges from Asia, is making the cost of doing business increasingly 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 association explained that the inflationary pressures caused by the depreciating cedi have skyrocketed the cost of goods, making it exceedingly challenging for businesses to remain viable.
“The purchasing power of the consuming public has been affected thereby reducing the turnover of businesses”.
On Monday, May 14, 2024, the cedi was trading at GH₵14.80 at Forex Bureaus, while the British Pound was valued at GH₵18.20. Meanwhile, the Euro was priced at GH₵15.80.
GUTA revealed that its members are struggling to repay loans acquired from banks to sustain their operations, citing the challenging economic conditions exacerbated by the depreciating cedi.
Additionally, GUTA highlighted that escalating freight charges, coupled with customs duties benchmarked in dollars at the port, are severely hampering trade and commerce. This situation is causing considerable hardship for both businesses and consumers.
“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”.
“GUTA hereby calls on the government to take urgent measures to save this alarming situation from getting out of hand”, the statement said.
