By: Kobina Baidoo
Ghana Union of Traders Association (GUTA) has disclosed that the depreciation of the cedi is gradually destroying Ghana’s business ecosystem.
In a statement issued by the association, it was disclosed that the depreciation of Ghana’s currency value is taking a heavy toll on the trading sector which has in turn stymied the smooth running of business operations in Ghana.
The statement which was signed by the President of Ghana Union of Traders Association, Dr. Joseph Obeng highlighted what this means to the country’s business sector and its effect on consumers.
The implications surround inflationary pressures that have shot the cost of goods way higher than expected, the diminished purchasing power of consumers, struggles in repayment of bank loans, increasing rates on custom duties’ freight imports at the ports, instability of business forecast and an increased credit purchase value.
GUTA informs government to take urgent measures towards restoring the efficacy of Ghana’s business ecosystem before it worsens, noting their readiness to collaborate with the government and other stakeholders to create a rebound in Ghana’s business sector.
