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 closure 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. 

“It is obvious that we cannot contain these challenges any longer as it is becoming increasingly challenging. 

“We want to send a hint to the government to recognise that, there is a sense of urgency in this situation. On this note, by the power vested in me by the trading community, I declare that all shops in the Greater Accra Region be closed tomorrow till Monday”.

The Association has thus called on the government to ascertain the factors leading to excessive demand for forex while reviewing investment laws to retain forex and push foreign investors into productive sectors of the economy. 

“Government should adopt other alternative currencies like the Chinese Yuan to reduce the pressure on the dollar, especially.

There should be the immediate implementation of the road map set out to flush out all illegal foreigners in the retail trade sector,” Dr Obeng added.