Economic crisis: Buyers make u-turn as traders refuse to open shops

Patrons who thronged the Makola, Okaishie, and Abossey Okai markets on October 19, 2022, had to go back home as shops remained closed. The traders in these markets have closed down their shops in protest of the increasing economic hardships in the country. According to them, the exchange rate and the depreciation of the cedi coupled with high inflation are taking a toll on their businesses as well as their livelihoods. A trader who deals in footwear bemoaned the alarming rate of the increase in prices of goods and services. Yesterday morning, one shoe was GH¢25, when I went back to restock it was GH¢55. Another trader noted that: "Yesterday in the morning, a carton of Rollon was GH¢1,080, at 2 pm we increased it to GH¢1,230 because of the rate of the increase of the dollar." Buyers who were left disappointed after they met empty shops, shared in the sentiments of these traders while noting that "indeed, the current economic crisis is bad." "Even though I've been disappointed because I could not buy what I came here to buy, I'm in full support of the protest. Prices are increasing too much and it is almost unbearable," Sheila told GhanaWeb Business. Watch the latest episode of BizTech below: SSD/FNOQ

Patrons who thronged the Makola, Okaishie, and Abossey Okai markets on October 19, 2022, had to go back home as shops remained closed. The traders in these markets have closed down their shops in protest of the increasing economic hardships in the country. According to them, the exchange rate and the depreciation of the cedi coupled with high inflation are taking a toll on their businesses as well as their livelihoods. A trader who deals in footwear bemoaned the alarming rate of the increase in prices of goods and services. Yesterday morning, one shoe was GH¢25, when I went back to restock it was GH¢55. Another trader noted that: "Yesterday in the morning, a carton of Rollon was GH¢1,080, at 2 pm we increased it to GH¢1,230 because of the rate of the increase of the dollar." Buyers who were left disappointed after they met empty shops, shared in the sentiments of these traders while noting that "indeed, the current economic crisis is bad." "Even though I've been disappointed because I could not buy what I came here to buy, I'm in full support of the protest. Prices are increasing too much and it is almost unbearable," Sheila told GhanaWeb Business. Watch the latest episode of BizTech below: SSD/FNOQ