{"id":73297,"date":"2024-05-14T16:34:23","date_gmt":"2024-05-14T16:34:23","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=73297"},"modified":"2024-05-14T16:28:39","modified_gmt":"2024-05-14T16:28:39","slug":"take-urgent-measures-to-save-the-cedi-guta-urges-government","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/take-urgent-measures-to-save-the-cedi-guta-urges-government","title":{"rendered":"Take urgent measures to save the cedi \u2013 GUTA urges government"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Ghana. <\/strong><\/span><b>The Ghana Union of Traders Associations (GUTA) has urged government to take urgent steps to address the continuous depreciation of the cedi against major foreign currencies.<\/b><\/p>\n<p>According to GUTA, the current situation is affecting the capital base of its members.<\/p>\n<p>\u201cGUTA expresses deep frustration over the current depreciation of the cedi, which is creating a big mess for the business community, especially, the trading sector. This seeming crisis coupled with the ever-rising freight charges from Asia are rendering the cost of doing business unbearable,\u201d GUTA President, Dr Joseph Obeng wrote in a press release dated May 14, 2024.<\/p>\n<p>\u201cThe current state of affairs has far-reaching implications and has caused prices of goods and services to increase for the consuming public,\u201d Dr Obeng added.<\/p>\n<p>He mentioned the following as the effects of the depreciation of the cedi on Ghanaian businesses:<\/p>\n<p>\u2022 The inflationary pressures resulting from the depreciating cedi have pushed the cost of goods through the roof, making it increasingly difficult for businesses to stay afloat.<\/p>\n<p>\u2022 The purchasing power of the consuming public has also been affected, thereby reducing the turnover of businesses.<\/p>\n<p>\u2022 Repayment of loans to the bank has then become extremely difficult.<\/p>\n<p>\u2022 The rising freight charges, compounded by customs duties benchmarked in dollars at the port, are crippling trade and commerce, leading to untold hardships for businesses and consumers alike.<\/p>\n<p>\u2022 It has increased unpredictability or forecast of businesses.<\/p>\n<p>\u2022 The value of credit purchase increases, thereby, making it very difficult for traders to repay the goods bought from their overseas suppliers, leading to higher indebtedness to businesses.<\/p>\n<p>The Assocation therefore expressed its readiness to \u201ccollaborate with the government and other stakeholders on this issue.\u201d<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/ghana\">Ghana<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Ghana. The Ghana Union of Traders Associations (GUTA) has urged government to take urgent steps to address the continuous depreciation of the cedi against major foreign currencies. According to GUTA, the current situation is affecting the capital base of its members. \u201cGUTA expresses deep frustration over the current depreciation of the cedi, which [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":73296,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[5092,5096,429],"class_list":["post-73297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Take urgent measures to save the cedi \u2013 GUTA urges government - Ghana<\/title>\n<meta name=\"description\" content=\"The Ghana Union of Traders Associations (GUTA) has urged government to take urgent steps to address the continuous de ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/take-urgent-measures-to-save-the-cedi-guta-urges-government\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Take urgent measures to save the cedi \u2013 GUTA urges government\" \/>\n<meta property=\"og:description\" content=\"The Ghana Union of Traders Associations (GUTA) has urged government to take urgent steps to address the continuous de ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/take-urgent-measures-to-save-the-cedi-guta-urges-government\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-14T16:34:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1715691363.426773.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/take-urgent-measures-to-save-the-cedi-guta-urges-government#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/take-urgent-measures-to-save-the-cedi-guta-urges-government\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Take urgent measures to save the cedi \u2013 GUTA urges government\",\"datePublished\":\"2024-05-14T16:34:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/take-urgent-measures-to-save-the-cedi-guta-urges-government\"},\"wordCount\":294,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/take-urgent-measures-to-save-the-cedi-guta-urges-government#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1715691363.426773.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/take-urgent-measures-to-save-the-cedi-guta-urges-government#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/take-urgent-measures-to-save-the-cedi-guta-urges-government\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/take-urgent-measures-to-save-the-cedi-guta-urges-government\",\"name\":\"Take urgent measures to save the cedi \u2013 GUTA urges government - 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