The Executive Director of the Food and Beverages Association, Sam Aggrey, has thrown his support behind the Ghana Union of Traders Association’s (GUTA) ongoing shop closures in protest of the fast depreciating cedi.

According to him, this is a signal to the government that it is time for them to wake up and put in place measures to alleviate the economic hardship being experienced in the country.

He noted that the failure of government to announce measures and interventions they intend on embarking on to stabilize the cedi and alleviate the economic burden on the general public has derailed whatever confidence the public had in the government.

This he says justifies the shop closures which he believes will force government to act.

“For the last three months we expect[ed] to hear government announcing certain interventions that will instill confidence in the people and then gradually either the cedi will stay where it is or it will start reversing gradually. But no one has said anything from government as to what they want to do to ensure that this trend of depreciation will cease.

“All that we hear is the President saying ‘We know what is happening to Ghanaians, we understand’. What are the solutions that you want to put in place to address these issues and stop our investment from going down?

“Because you see at the end of the day whatever you do from manufacturing, from import, everything that we import which is raw material base goes into production and therefore goes to the final consumer. Between these chains, if they’re not able to afford what you’re producing, then it becomes a problem for your production.

“So you have goods in the warehouses that are going bad because people cannot afford. Consumption levels have gone down, then you have to take action and ask why and what is happening. So if government is not announcing any interventions to make sure what is happening we’re gradually reversing it then obviously they’ll take an action that will make you wake up if you’re sleeping,” he said on JoyNews’ PM Express.

Members of the Ghana Union of Traders Association (GUTA), have closed their shops until Monday, October 24 in protest of the high cost of doing business in recent times. 

They also insist that the continuous plummeting of the Ghanaian Cedi on the forex market and the high inflation rate have eroded their capital and exacerbated their plight.

GUTA wants this action to be a “pinch” on government to urgently address their concerns.

The shop closures come against pleas by members of the Council of State on Tuesday, October 18 for the traders to rescind their decision.

In a media interview shortly after the engagement with the Council of State members, however, the President of GUTA, Dr Joseph Obeng said their action is to compel the government to act quickly to ameliorate their plight.