GUTA on Monday, August 22 announced that it would close all shops belonging to its members in Accra on Monday, August 29, 2022, to register its displeasure with the country’s current economic challenges.
According to the GUTA President, Dr Joseph Obeng, the depreciation of the cedi has eroded the capital of its members which has dire consequences on their businesses.
Later on Thursday, August 25, 2022, GUTA made a U-turn to call off its intended strike.
Speaking about this in an interview on Peace FM's Ade Akye Abia programme, and monitored by GhanaWeb on Monday, August 29, 2022, the GUTA President, Dr Joseph Obeng, explained that the planned demonstration caught the eye of government, hence, their suspension.
He also noted that a new committee has been formed consisting of 8 Council of State members and 10 GUTA members to devise pragmatic ways the business community can withstand any shocks in the ailing economy.
"All we did was for government’s attention and we had it even more than expected. Government, national security, trade ministry, finance ministry quickly met with us together with the Council of State to look for pragmatic solutions to our concerns," he said.
"The intended closure of shops was based on serious issues but because of our good intent; which is to have government’s intention and we had that, that’s why we called off the demonstration," Dr Obeng stated.
The local currency has in the past weeks witnessed a decline against major trading currencies.
At a forex bureau in Accra, a dollar is being bought at GH¢10.08 and sold at a rate of GH¢ 10.29.
The Pound Sterling is being bought at GH¢ 11.70 and sold at GH¢12.10.
Inflation for July this year also hit 31.7% and the policy rate was reviewed upwards to 22% from 19%.
The increase in the policy rate means that the cost of credit will go up.
ESA/FNOQ
GUTA President, Dr Joseph Obeng