GUTA declares August 29 as ‘No Shop Day’ over high-interest rate, cedi depreciation & Inflation

The Ghana Union of Traders has identified rising inflationary costs, cedi depreciation, and high-interest rates as major threats to the survival of businesses in the country.

As a result, GUTA has declared August 29, 2022, as a day of shop closure for all members.

Dr. Joseph Obeng, President of GUTA, stated at a press conference on Monday, August 22, 2022, that the business community is being controlled by foreigners in clear violation of our laws.

GUTA reiterated the need for the Bank of Ghana to review investment laws that allow foreigners to repatriate 100% of their profits.

The association is urging foreign investors to keep at least 30% of their profits.

According to the Association, this will optimize the trading market and strengthen the cedi.

He also stated that foreigners account for approximately 85% of imports into the country, posing a threat to our foreign reserves because they also take all profits out of the country.


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