The Ghana Union of Traders Association (GUTA) says the depreciation of the cedi has created a big mess for indigenous businesses, especially those in the trading sector.
A statement signed by the President of the Association, Dr. Joseph Obeng Tuesday, May 14, 2024, indicated that the ever-rising freight charges from Asia is making their businesses non-lucrative.
“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 narrated that 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 purchasing power of the consuming public has been affected thereby reducing the turnover of businesses”.
As at Monday, May 14, 2024, the cedi was going for GH₵14.80 at Forex Bureaus while the British Pound was going for GH₵18.20. The Euro on the other hand was going for GH₵15.80.
According to GUTA, its members are unable to repay loans taken from banks to support their operations.
GUTA says they are unable to pay for their loans due to the rate of the cedi depreciation.
