GUTA urges swift action from the Govt to bolster the cedi against major currencies

The Ghana Union of Traders Association (GUTA) has urged the government to take urgent action to stabilize the cedi against major trading currencies, particularly the dollar.

In a statement dated May 14, GUTA expressed willingness to collaborate with the government and other stakeholders on this matter, emphasizing the detrimental impact of the cedi’s depreciation on the business community, especially the trading sector.

Describing the situation as a crisis, GUTA highlighted the challenges faced by businesses due to the depreciating cedi and escalating freight charges from Asia.

This, coupled with inflationary pressures, has led to soaring costs of goods and reduced business turnover, affecting both businesses and consumers.

GUTA also noted the difficulty in repaying bank loans and highlighted the adverse effects of rising freight charges and customs duties benchmarked in dollars at the port.

These factors have led to severe hardships for businesses and consumers and increased business indebtedness, making it challenging for traders to repay overseas suppliers.