GUTA declares mass closure of shops on August 29 over high cost of doing business

The closure of the shops on Monday, August 29, 2022, was due to the high cost of doing business which they said harmed their operations.

Some business owners said the development is causing huge financial losses to their businesses.

President of the GUTA, Dr. Joseph Obeng called on the government to the fact that depreciation of the cedi against other major trading currencies is getting out of hand, and the increase in the monetary policy rate is also leading to high lending rate in the country.

He said "Businesses have reached a situation where its survival is seriously threatened if no immediate action is taken by the government to find a solution."

He called on the government as a matter of urgency to reconvene the Foreign Exchange Committee that was set up a few years ago by the Finance Ministry which involved all relevant stakeholders, to help find an immediate solution.

"By the dictates of the trading community, we declare the closure of shops in Accra, on Monday, August 29, 2022, to officially demonstrate these concerns to the government," the President of GUTA said.

The association added that it is "ever ready to avail ourselves to the government in its quest to find solutions to these myriads of problems."