Closure of shops won't affect exchange rate, rather affect your businesses - TAGG to shop owners

The Traders Advocacy Group Ghana (TAGG) has called on shop owners to as a matter of urgency reopen their shops. According to the group, the closure of shops by traders gives undue advantage to multinational businesses such as malls in Ghana. It further said the refusal of traders to reopen their shops will rather heap hardship on them as the interest on loans keeps piling up and other debts remain unsettled. TAGG in a press statement issued on Monday, October 17, 2022, said, “The interest on our loans will keep piling up, our children’s fees will remain unpaid and we shall lose the very few customers we have been trying to maintain. Fellow traders, we are by this press conference strongly urging you to keep your shops open to keep body and soul together for the meantime while we fight for your welfare." “TAGG believes that closing our shops will not affect the exchange rate but will rather spell doom for our already struggling businesses as our foreign competitors are already stifling the local industry," it added. It however said traders can continue with the protest by wearing red arm bands, and red and black outfits in their various shops. “We also believe the protest must continue so we are urging our members to sustain the protests by wearing red arm bands, black or red attires and by putting red banners in front of their shops starting from Tuesday, October 18, 2022, rather than closing our shops and hit on the street,” part of the statement read. It would be recalled that on Monday, October 10, 2022, some traders in Kumasi locked up their shops in protest of the frequent depreciation of the cedi. They also cited the high cost of doing business and the collection of exorbitant taxes by the government as some reasons for the protest against the government. According to the traders within the central business district, the demonstration will last for three days. They explained that the protest also aims to kick against the decision by the Ghana Revenue Authority (GRA) to station their officers at each shop to record Value Added Tax (VAT) on products they sell. The Ghana Union of Traders Association have also announced the closure of shops in Accra on Wednesday, October 19, 2022. ESA

The Traders Advocacy Group Ghana (TAGG) has called on shop owners to as a matter of urgency reopen their shops. According to the group, the closure of shops by traders gives undue advantage to multinational businesses such as malls in Ghana. It further said the refusal of traders to reopen their shops will rather heap hardship on them as the interest on loans keeps piling up and other debts remain unsettled. TAGG in a press statement issued on Monday, October 17, 2022, said, “The interest on our loans will keep piling up, our children’s fees will remain unpaid and we shall lose the very few customers we have been trying to maintain. Fellow traders, we are by this press conference strongly urging you to keep your shops open to keep body and soul together for the meantime while we fight for your welfare." “TAGG believes that closing our shops will not affect the exchange rate but will rather spell doom for our already struggling businesses as our foreign competitors are already stifling the local industry," it added. It however said traders can continue with the protest by wearing red arm bands, and red and black outfits in their various shops. “We also believe the protest must continue so we are urging our members to sustain the protests by wearing red arm bands, black or red attires and by putting red banners in front of their shops starting from Tuesday, October 18, 2022, rather than closing our shops and hit on the street,” part of the statement read. It would be recalled that on Monday, October 10, 2022, some traders in Kumasi locked up their shops in protest of the frequent depreciation of the cedi. They also cited the high cost of doing business and the collection of exorbitant taxes by the government as some reasons for the protest against the government. According to the traders within the central business district, the demonstration will last for three days. They explained that the protest also aims to kick against the decision by the Ghana Revenue Authority (GRA) to station their officers at each shop to record Value Added Tax (VAT) on products they sell. The Ghana Union of Traders Association have also announced the closure of shops in Accra on Wednesday, October 19, 2022. ESA