Ashanti Region: Six Trader Associations Threaten To Close Shops On 5 November

Six trader associations in Kumasi have threatened to close their shops to protest the high cost of doing business in the country beginning 5 November 2022.

The trader unions include; the Importers Association, Kumasi Togo Agents and Traders Association, Clothes Sellers Association, T-Shirt Sellers Association, Materials Sellers Association, Babies and Children Wear Dealers Association, and Headscarves Dealers.

They operate at the Kejetia market, Racecourse market, Abinkyi market, Bantama market, Asafo market, and Kwadaso market all in the Ashanti Region.

The traders say they will be compelled to close down over 8,000 shops if the government do not as a matter of urgency address the incessant depreciation of the cedi against its major trading currencies.

They say the incessant depreciation of the cedi has significantly affected their working capital.

The leadership of the trader unions have, thus, directed their members to suspend the importation of goods into the country for the next two weeks starting from Monday, 24 October 2022.

The deputy general secretary of the Importers Association, Nana Yaw Owusu Agyemang, said their members are running at a loss due to the constant depreciation of the cedi, hence their decision.

“We are not importing any goods from any country to our country Ghana and [for now]. We entreat all our members and anybody who use these two currencies [to transact business] not to import or to travel to import any goods to this country…”

He also implored the government to crack down on black market forex dealers to help curb further depreciation of the cedi.

The traders are, therefore, urging the government to address their concerns and address the fall of the local currency with urgency.