Members of the trading community have agreed to rescind a decision to close down their shops on Monday (August, 29, 2022) in protest over the depreciating cedi against the U.S dollar.
The decision was arrived at after a four-hour crunch closed-door meeting with members of the Council of State on Thursday afternoon (25th August, 2022).
Joy Business is gathering that the members of the business community charged the Council of State to intervene immediately in finding a lasting solution to the falling cedi, a situation they lamented has been eroding their gains.
They consisted of the Leadership of Market Women Associations, Ghana Union of Traders Association (GUTA), Mobile Phone Dealers Association, Abossey Okai Spare Parts Dealers Association, among others,
“There will be a press conference to address the media after signing a resolution to rescind the decision and also withdraw the intended demonstration,” some members of the trading community told Joy Business.
![](https://www.myjoyonline.com/wp-content/uploads/2022/08/WhatsApp-Image-2022-08-25-at-8.40.39-AM.jpeg)
Background
Addressing a press conference on Monday (22 August, 2022), the President of GUTA, Joseph Obeng, stressed that the worsening state of the cedi has eroded the gains of businesses after the Covid-19 pandemic and the shocks from the Russia-Ukraine war.
He, therefore, called on government to prioritise activities of the trading community by stabilising the local currency against the dollar.
According to him, the decline in the country’s currency will deepen the hardship faced by traders since all their profits have been eroded by the depreciation of the cedi.
Cedi's poor performance
As of Monday, August 15, 2022, the cedi had lost about ¢3.15 on the face value to the dollar since the beginning of the year.
Dollar shortage hit the forex market as the rate of depreciation of the Ghana cedi was at GH¢10 to one US dollar.
Checks at the time with some banks and forex bureau by Joy Business indicated that traders were struggling to get the American currency to buy for trading transaction.
Latest Stories
-
Paris 2024: Opening ceremony showcases grandiose celebration of French culture and diversity
2 hours -
How decline of Indian vultures led to 500,000 human deaths
3 hours -
Paris 2024: Ghana rocks ‘fabulous fugu’ at olympics opening ceremony
4 hours -
Trust Hospital faces financial strain with rising debt levels – Auditor-General’s report
4 hours -
Electrochem lease: Allocate portions of land to Songor people – Resident demand
4 hours -
82 widows receive financial aid from Chayil Foundation
5 hours -
The silent struggles: Female journalists grapple with Ghana’s high cost of living
5 hours -
BoG yet to make any payment to Service Ghana Auto Group
5 hours -
‘Crushed Young’: The Multimedia Group, JL Properties surprise accident victim’s family with fully-furnished apartment
5 hours -
Asante Kotoko needs structure that would outlive any administration – Opoku Nti
6 hours -
JoyNews exposé on Customs officials demanding bribes airs on July 29
6 hours -
JoyNews Impact Maker Awardee ships first consignment of honey from Kwahu Afram Plains
7 hours -
Joint committee under fire over report on salt mining lease granted Electrochem
7 hours -
Life Lounge with Edem Knight-Tay: Don’t be beaten the third time
8 hours -
Pro-NPP group launched to help ‘Break the 8’
8 hours