Cedi fall slowing down businesses – GUTA laments

he Ghana Union of Traders Association (GUTA) has lamented that the current depreciation of the cedi is creating a big mess in the business community especially, the trading sector.

In a statement signed by its president, Dr. Joseph Obeng cited that economic crisis coupled with the ever-rising freight charges from Asia is rendering the cost of doing business unbearable.

“The current state of affairs has far reaching implications and has caused prices of goods and services to increase for the consuming public”, Dr Obeng said.

He further highlighted that, the inflationary pressures resulting from the depreciating cedi have pushed the cost of goods through the roof, making it increasingly difficult for businesses to stay afloat.

“The purchasing power of the consuming public has been affected thereby reducing the turnover of businesses”, he added.

GUTA also noted that the repayment of bank loans has become extremely difficult due to these economic conditions, however adding that the rising freight charges, compounded by customs duties bench-marked in dollars at the port are crippling trade and commerce, leading to untold hardship for businesses and consumers alike.

“GUTA hereby calls on the government to take urgent measures to save this alarming situation from getting out of hand”, the Dr Obeng stated.

See statement below