By Francis Ntow
Accra, Oct 21, GNA – The President, Nana Addo Dankwa Akufo-Addo, has called for the setting up of a Working Committee to help address the depreciation of the Cedi, high interest rate and rising inflation to ease the plight of traders.
The Committee, which will comprise of representatives from the Ministry of Trade and Industry, National Security and the Ghana Union of Traders Association (GUTA) will be tasked to finding a lasting solution to the current high cost of doing business.
This has become necessary following a two-day closure of shops in Accra by traders who said they were burdened by the high cost of doing business, with their capital reducing due to the country’s recent economic situation.
Dr Joseph Obeng, the President of the Association, asked the traders to reopen their shops on Friday, following assurances from the Ga Mantse, Nii Tackie Teiko Tsuru II and President Akufo-Addo.
He told the Ghana News Agency that the proposed Committee was to “swiftly come out with pragmatic measures to solve the challenges facing the trading community,” and was confident that the interventions would yield positive outcome in the shortest time possible to lessen their burden.
He said: “We know help may come. Please, go and open your shops. The President has given us all the assurances that he shares in our concerns and he’s aware of the plight that we’re in, and that they’re doing everything to stabilise the economy.”
The industrial action, which was to end on Monday, October 24, was called off after the intervention by the Ga Mantse, on Thursday, and a meeting with President Akufo-Addo on the same day.
Dr Obeng explained that the Ga Mantse invited the leadership of GUTA for a meeting and promised that he would intervene and take their concerns to the appropriate authorities for it to be addressed.
He said, shortly after the consultation with the overlord of the Ga State, the President also invited them for a meeting and assured them of immediate solution to their plight.
“The dollar has not stabilised, but let’s go and open our shops so that we can sell our goods and take care of our children,” Dr Obeng told the aggrieved traders.
“While doing this, be mindful that you must benchmark your pricing with the flying dollar, otherwise, you lose all your capital. Don’t just trade; be wise and do your calculations well,” the trade union leader advised.
As part of efforts to lessen the economic hardship in the country, the Government is negotiating with the International Monetary Fund (IMF) for a loan support programme.
Currently, the Government and the IMF team have identified specific macroeconomic policies to support Ghana’s enhanced domestic programme to help navigate through the current economic difficulties.
GNA