GUTA vows to close shops on Oct. 19 over continuous cedi depreciation

The Ghana Union of Traders Association (GUTA) says it would close all shops on Wednesday, October 19 over the continuous depreciation of the cedi.

The dollar has hit the 11 cedi mark, with industry players predicting a further downgrade of the Ghanaian currency.

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Members of GUTA lament that the situation is affecting their capital for businesses as well as the purchasing power of consumers.

In an interview with Citi News, the National President of GUTA, Dr. Joseph Obeng, said the action is to compel government to find innovative ways to deal with the free fall of the cedi.

”The rate at which the cedi is deprecating is depressing. We the traders are suffering. The situation is affecting our businesses.”

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”We will be compelled to close our shops on 19th October if nothing changes.”

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