GUTA Raises Alarm on Cedi Depreciation Woes
The Ghana Union Traders Association (GUTA) has riased concerns over the continued depreciation of the Ghanaian cedi, highlighting its detrimental impact on businesses.
Dr. Joseph Obeng, president of GUTA, emphasized the dire situation faced by the trading sector due to the weakening currency.
In a recent statement, GUTA pointed out the compounding effect of economic challenges and escalating freight charges from Asia, exacerbating the already burdensome cost of conducting business.
The association emphasized the ripple effect of the currency’s devaluation, citing inflationary pressures that have skyrocketed the prices of goods and services, ultimately reducing consumer purchasing power and business turnover.
As of Monday, May 14, 2024, the cedi was trading at GH₵14.80 against the US dollar at Forex Bureaus, while the British Pound and Euro stood at GH₵18.20 and GH₵15.80 respectively.
GUTA highlighted the plight of its members who are struggling to repay loans obtained to sustain their operations amidst soaring freight charges and customs duties pegged in dollars at the port.
The statement concluded with a call to action, urging the government to swiftly address the crisis to prevent further escalation of the situation.
