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Cedi Depreciation: We’re not planning any demonstration- GUTA denies publication

The Ghana Union of Traders Association GUTA has denied threatening to embark on massive demonstration against the Akuffo Addo lead government over the free fall of the Ghana cedi on international market.

According to them, protesting against government in these trying times will not change the fortunes of the Economy.

Major media portals in the country on Tuesday August 8, 2022, reported that the union had warned the government that they will protest over the constant falling of the cedi against other foreign currencies.

But speaking on the Kumasi based OTEC FM’s breakfast show,  Nyansapo,  president of GUTA, Dr Joseph Obeng said they have no intentions of protesting over the free fall of the local currency against major trading currencies.

He added that although traders are in incessant fear that their business will collapse if the Cedi keeps depreciating, they as GUTA believes brainstorming for solution is much better that protesting.

Dr Obeng however outlined some measures to be considered by the government in addressing the problem.

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

The union also called on the government to check the unscrupulous activities of some foreign traders which affect the local currency negatively.

“Allowing foreigners into the retail trade and wholesale sectors of the economy will not help this country, but rather defeat the action plan set for the implementation of 1D 1F, AfCFTA and the general industrialization in Ghana,” he told the programmer’s host Captain Koda.

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“We also want to remind the Government that the big-time institutional importers, especially, those who serve as conduits for dumping goods mainly from China are the culprits,” He noted.

 

Source: Ghana/otecfmghana.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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