The Ghana Union of Traders (GUTA) has called off its planned shop closure scheduled for Monday, August 29, 2022.

This was after a meeting with the Council of State.

GUTA said a joint committee has been set up to look into its concerns.

President of the Association, Dr. Joseph Obeng, after the meeting, said the “leadership of GUTA will meet the Council of State again after a month.”

GUTA had earlier announced 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 GUTA the depreciation of the cedi has eroded the capital of its members and is severely hampering their operations.

A dollar is currently trading at GH¢10, inflation is almost at 32% and the policy rate is now at 22%.

Ghana’s economic challenges forced government to seek a bailout programme from the International Monetary Fund (IMF).