Business News of 2014-02-13

‘Red band’ protests by traders across the country

Members of the Ghana Union of Traders’ Association (GUTA) have been directed to wear red bands and also hoist red flags on their shops to protest the recent measures announced by the Central Bank to check the fall of the local currency.

The measures announced last week prevents transaction of business in Ghana with foreign currencies, especially the United States of America’s Dollar.

Traders are reported to have been incensed by the recent backing of the measures by Cabinet.

“Government is not clear on the measures that the Bank of Ghana has announced and that we are waiting for more explanation of the measures,” said Clement Boateng, the Chairman of the Abossey Okai Branch of GUTA.

He said the directive to wear red bands is countrywide.

“It is not only in Abossey Okai. It is all over in Kantamanto, Okaishie, Makola and even outside Accra.”

Mostly spare parts dealers, shop owners in Abossey Okai are reported to have closed shops on Wednesday, but had to be calmed by news of a closed-door meeting among leadership of GUTA “to consider the way forward”.

Mr Boateng fears the worse if government does not act decisively.

“If the same government is saying that [it is] in line with the measures announced then I don’t know what the government is about.”