GUTA cries over falling cedi

The Ghana Union Traders Association has lamented the harsh effects of the cedi depreciation on the operations of its members.

GUTA, in a statement today (15 May 2024), complained that the CEDI fall is “creating a big mess for the business community, especially the trading sector.”

GUTA also noted the rising freight charges for goods imported from Asia as adding to its costs, significantly impacting the cost of doing business in the country.

The statement explained that the rising cost of doing business has resulted in increased final prices of goods and services, which has in turn reduced the purchasing power of consumers.

This, the statement observed, has reduced the turnover of members of the association and traders in general.

In addition, GUTA bemoaned difficulties in the repayment of bank loans and servicing supplier debts due to the increased cost of imported items and escalating customs levies.

The association asked the government to “take urgent measures to save this alarming situation from getting out of hand” while expressing its readiness to collaborate with the government on the situation.

Below is the full statement from the association.