GUTA cries over cedi depreciation

Dr. Joseph Obeng, President for the Ghana Union of Traders, has disclosed that the cedi depreciation against the dollar on the international market has affected businesses.

According to Dr. Obeng, GUTA members were gradually getting their businesses back on track after the heightened period of the COVID-19 pandemic which had a huge impact on businesses in the world at large.

However, he indicated that the cedi depreciation crisis proves another major setback for their businesses and could cause the majority of businesses to collapse as things stand.

Speaking to Happy98.9 FM’s Don Kwabena Prah on the “Epa Hoa Daben” social-political talk show, the GUTA president said, “The cedi depreciation rate has obviously been a huge problem to us and our businesses. Covid wrecked the global market as rate charges became very expensive. Now when you want to change the currencies to purchase what you want which have also been increased across the board then it means we are in serious trouble with our businesses. It’s the same dollar we use as payment currency for duty here so the more it keeps rising, it affects our business in any vein. Things have to be increased to make up for loses and we know the purchases by our consumers will also go down. That also means we won’t be able to meet the deadlines for the repayment of our loans or we won’t be able to pay at all and in turn cost us our capital.”

He further pleaded to the sector ministers and the government to do everything possible to stabilize the cedi as it would not only benefit businesses but also reduce the burden on consumers and improve the current state of the economy as well.

“So we urge the government to do anything possible with their power to resolve the cedi depreciation crisis. We can bring our heads together and other relevant mechanisms to stabilize the cedi against the dollar to help we the traders and Ghanaians at large too,” he added.