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Business News Tue, 9 Aug 2022

Our businesses are bleeding to death – GUTA cries

The Ghana Union of Traders Association (GUTA) has said their businesses are collapsing in the country.

According to the Association, the situation is as a result of the current skyrocketing exchange rate.

“We want to call the attention of the Government to the fact that depreciation of the cedi against other major trading currencies is getting out of hand, and the increase in the monetary policy rate is also leading to high lending rate in the country.

“Businesses have reached a situation where its survival is seriously threatened, if no immediate action is taken by the Government to find solution,” President for the Association, Joseph Obeng narrated in a press statement.

He continued “By this statement, we are calling on the Government, as a matter of urgency, to reconvene the Foreign Exchange Committee that was set up a few years ago by the Finance Ministry which involved all relevant stakeholders, to help find an immediate solution.”

Below is the full statement

Source: starrfm.com.gh
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