Vice President of the Ghana Union of Traders Association (GUTA), Charles Gyan, has advised the Central Bank to work with their counterparts in China to make a bulk of the yuan available to Ghanaian traders.
He expressed worry over the depreciating of the Ghana cedi as against the dollar affecting the importation of goods.
“We import mainly and trade with the Chinese so why not build a relationship with them and trade with them in the yuan directly rather than always buying the dollar before converting it into the Chinese currency. That is bad and affects us.
If the Bank of Ghana or any established institution can work with them so we get the Chinese currency in Ghana, then it will be easier to transact business with them rather than trade in the dollar,” he told Don Kwabena Prah on Happy98.9FM’s ‘Epa Hoa Daben’ political talk show.
According to the GUTA executive, members of the union will move to shut their shops on Monday if the government makes no effort in stabilizing the cedi.
Members of the Ghana Union of Traders Association (GUTA), say they will close down all their shops on Monday, August 29, to demonstrate against the persistent depreciation of the Ghana Cedi.
According to them, the rapid fall of the Cedi is having a negative impact on their businesses, hence their decision to stage the protest.
