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Ashanti Region: Traders to re-open shops as cedi improves against dollar

Retail shops in the country which were closed following the high cost of doing business and the depreciation of the Ghanaian cedi to the major trading currencies, especially the dollar are considering to re-open their shops.

Shops closed

Aggrieved traders in the Ashanti Region closed their shops to press home a reduction of a 6% business levy, stationing Ghana Revenue Authority (GRA) staff at offices to ensure tax compliance and plummeting cedi.

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The traders insisted that the continuous plummeting of the cedi on the forex market and the high inflation rate have eroded their capital and exacerbated their plight, therefore, they will close their shops in protest of the high cost of doing business in recent times.

Nana Yaw Owusu Agyemang, the Deputy Secretary of the Kumasi Importers and Traders Association said the traders will still monitor the performance of the cedi against the dollar and CFA to decide their next line of action.

In an interview on Accra-based Citi FM, he said "From our investigation, we have learnt that the cedi is improving due to our sit-down strike. So actually we should have closed our shops today, but due to the appreciation of the cedi, we decided not to close our shops.

"We are all folding our hands and praying that by the close of this week, the cedi will appreciate and right itself against the foreign currencies and the currencies that we use. So this week, we are continuing with our sit-down strike, but we are not closing our shops."

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