Council Of State Stops GUTA Planned Shops Closure

Council Of State Stops GUTA Planned Shops Closure

 

 

Information available indicates that Council of State has also managed to convince the Ghana Union of Traders (GUTA) to call off its planned shop closure scheduled for Monday, August 29, 2022. The Council of State held a meeting with the managers of the economy, namely the Finance Ministry and the Governor of Bank of Ghana

 

(BoG) to find solutions to the recent rapid fall of the cedi and challenges confronting the economy. Another meeting was held by the Council of State and GUTA over its intended protest. A joint committee was set up to look into the concerns of GUTA. Confirming the meeting, President of GUTA, Dr. Joseph Obeng, after the meeting,

 

 

said the “leadership of GUTA will meet the Council of State again after a month.” GUTA had earlier announced it would close all shops belonging to its members in Accra on the Monday, August 29, 2022, to register its displeasure with the country’s current economic challenges. According to GUTA the depreciation of the

 

 

cedi has also eroded the capital of its members and is severely hampering their operations. A dollar is currently trading at GH¢10, inflation is almost at 32 percent and the policy rate is now at 22 percent. Ghana’s economic challenges forced government to also seek a bailout programme from the International Monetary Fund (IMF).