To guarantee that the cedi gains value relative to major trading currencies, particularly the dollar, the Ghana Union of Traders Association (GUTA) has called on the government to act immediately.

In a May 14 statement, it further stated, “GUTA expresses its readiness to collaborate with the government and other stakeholders on this issue.”

It made this statement because the business community, especially the trading sector, was suffering greatly from the cedi’s depreciation.

The union labeled the state of affairs as dire. It made the point that the cost of doing business is becoming intolerable due to the weakening cedi and rising freight costs from Asia.

GUTA pointed out that the cedi’s decline has caused inflationary pressures, driving up the price of goods and making it harder for companies to stay in business.

According to the report, the circumstances have also impacted consumers’ purchasing power, which has reduced company turnover.

GUTA went on to say that these economic circumstances have made it very difficult to repay bank loans.

The union also called attention to growing freight costs and customs duties at the port that are benchmarked in dollars, claiming that these factors are severely impeding trade and commerce and causing serious hardships for both consumers and businesses.

Additionally, GUTA noted that the present state of the economy has raised the value of credit purchases and the unpredictable nature of businesses, making it more difficult for traders to repay goods they have purchased from foreign suppliers and increasing the amount of debt incurred by their companies.