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Report by Edward FRIMPONG
In the readiness to collaborate with the government and other stakeholders on the depreciation of the cedi creating a big mess for the business community, the Ghana Union of Traders Association (GUTA) has called on the government to take urgent measures to save the current depreciation of the cedi, which is creating a big mess for the business community, especially the trading sector.
The Association said 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 while purchasing power of the consuming public has also been affected, thereby reducing the turnover of businesses.
This seeming crisis coupled with the ever rising freight charges from Asia are rendering the cost of doing business unbearable.
In an interview with the president of GUTA, Dr.Joseph Obeng on how the current state of affairs has far-reaching implications and has caused prices of goods and services to increase for the consuming public.This is what he said, “the rising freight charges, compounded by customs duties benchmarked in dollars at the port, are crippling trade and commerce, leading to untold hardships for businesses and consumers alike”.
The president added that due to increased unpredictability or forecast of businesses, repayment of loans to the bank has then become extremely difficult.
“The value of credit purchase increases, thereby, making it very difficult for traders to repay the goods bought from their overseas suppliers, leading to higher indebtedness to businesses”.The president concluded.
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