Traders at Tudu, the commercial hub of Accra, the nation’s capital, have bemoaned the current economic difficulties.
They have bitterly bemoaned the Ghana cedi’s ongoing decline, especially when compared to the US dollar and the West African Franc (CFA), which is used by all three of Ghana’s neighbors.
Some traders seized the chance to urge the government to step in and do so as soon as possible during an interview with Kofi TV, a YouTube TV program.
The Ghana Union of Traders Association (GUTA) began a six-day shop closure on Wednesday (October 19) to express their displeasure with the high cost of doing business.
One of the traders who spoke to Kofi TV said: “If our sin was voting for you, forgive us, we won’t offend you again; because we are unable to buy the CFA nor the dollar. What sin have we committed to have voted for Akufo-Addo?
“We are sorry for voting the NPP party into office, whatever sin we have committed by so doing, we are pleading for forgiveness. We beg the NPP with our knees on the ground, we beg them.”
Another harped on the increasing instability of prices on the market. “We are very concerned. Just as we did politics in the past…. What pains me is that there was a time when we had power issues, we were able to stabilize it, why can’t we stabilize the dollar?
If you sell, you run at a loss… I have run at a loss, I did not open my shop today, I just came to take some money I left here. We beg the president, we are on our knees. President, president we beg you. Intervene for us, come and intervene for us, why?
“Our funds are evaporating, we can no longer import, we beg you, do something for us, we want you to do something for us. The CFA is galloping, the dollar is on the move, why?”
According to Bloomberg, the Cedi has recently had the lowest performance when compared to the US Dollar.
The Cedi is now trading at approximately GH13 to the dollar at several forex bureaus. The Ghana Union of Traders Association has been ordering the closure of stores, and the depreciation rate is one of the contributing factors (GUTA).
The group claims that the rapid depreciation of the Cedi is reducing their profits and raising their operating expenses.
