Kumasi: Traders back down plans to close shops over falling cedi

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Some six trader groups and importers who threatened to shut down their shops on November 1 have suspended their planned protest, dailymailgh.com can report.

The traders, some of whom import and sell clothes and wares in the Ashanti Regional capital had threatened to close down their shops due to the unstable nature of the exchange rate and the cost of doing business in the country.

The leadership of the trader unions directed their members to suspend the importation of goods into the country for two weeks effective Monday, 24 October 2022.

But after an emergency meeting by the traders with their leadership, they agreed to suspend their intended action.

The deputy general secretary of the Importers Association, Nana Yaw Owusu Agyemang, in an interview with Asaase news, said the traders agreed to suspend the closure of the shops after a realization that the cedi’s performance has improved against the major trading currencies.

“We saw that the cedi is appreciating against the foreign currencies, so we decided that, instead of closing our shops, we have decided to suspend it and still continue our two weeks sit down strike. The cedi gained strength against foreign currencies, and we are praying that hopefully, it will gain more strength against foreign currencies. If the Cedi depreciates, which we are not praying for that, then we have no option than to close our shops, that will be our final option.”

He however said an earlier directive to stop imports continues unabated.

The trader unions include; the Importers Association, Kumasi Togo Agents and Traders Association, Clothes Sellers Association, T-Shirt Sellers Association, Materials Sellers Association, Babies and Children Wear Dealers Association, and Headscarves Dealers.
They operate at the Kejetia market, Racecourse market, Abinkyi market, Bantama market, Asafo market, and Kwadaso market all in the Ashanti Region.

The groups indicated that they will continue to monitor the performance of the local currency and any further depreciation will trigger their decision to shut down their shops.


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