Business owners in Ghana have threatened to close up shop by Monday, August 29, to protest the poor value of the Ghanaian currency, the cedi.
Traders can barely stay in business with the exchange rate at 10 cedis per dollar. This is due to the rising cost of import and export, a problem several countries, including Nigeria are experiencing.
BBC reports that the President of the Ghana Union of Traders Associations, Joseph Obeng, said increasing interest rates and multiple taxes borne by traders were some of the factors responsible for the increase in commodity prices.
“We are demonstrating against the government to show the extent that we are suffering… The intention is not to punish the consuming public”, Obeng said.
The Ghana Institute of Freight Forwarders, an umbrella body for clearing agents, has also said it will suspend operations on Monday, as well, as a mark of solidarity.
Ghana’s inflation stands at over 31% – the highest in the last 20 years, whereas Nigeria’s is at 18%, according to the National Bureau of statistic’s June 22 report.
Writing by Makchit Rindap; editing by Muzha Kucha