The Ghana Union of Traders Association (GUTA) has asked the government to take quick action to help the cedi gain value compared to major trading currencies, especially the dollar.
In a statement dated May 14, GUTA said it is ready to work with the government and others on this issue.
The union stressed that the falling value of the cedi, along with rising freight charges from Asia, is making it very hard to do business.
GUTA emphasized that the falling value of the cedi has led to prices going up and is making it harder for businesses to stay open. Also, the situation has affected how much people can buy, leading to less business.
GUTA has pointed out that repaying bank loans has become very hard because of the current economic conditions.
They’re also worried about the increasing freight charges and customs duties at the port, which are set in dollars. GUTA says these things are hurting trade and business, and making things tough for both businesses and customers.
They also said that the current economic conditions have made it harder for businesses to predict how things will go, and to pay for things they buy on credit from suppliers in other countries.
This has led to businesses owing more money.
