The Ghana Union of Traders Association, through a press statement, has expressed their frustration over the current depreciation of cedis. This has created a challenging situation for the business community, especially the trading sector. The rising freight charges from Asia, coupled with the existing crisis, are making the cost of doing business unbearable.
The current state of affairs has far-reaching implications and has cause the prices of goods and services to increase for the consuming public.
- The inflationary pressures resulting from the depreciating cedis have pushed the cost of goods through the roof, making it increasingly difficult for business to stay afloat.
- The purchasing power of the consuming public has also been affected, thereby reducing the turnover of businesses.
- Repayment of loans to the bank has then become extremely difficult.
- The rising freight charges, compounded by customs duties benchmarked in dollars at the port, are crippling trade and commerce, leading to untold hardships for businesses and consumers alike.
- It has increased unpredictability or forecast of businesses.
- The value of credit purchase increases, thereby, making it very difficult for traders to repay the goods bought from their overseas suppliers, leading to higher indebtedness to businesses.
GUTA hereby calls on the government to take urgent measures to save this alarming situation from getting out of hand.
GUTA also expressed their readiness to collaborate with the government and other stakeholders on the issue.
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