The Ghana Union of Traders’ Association (GUTA) has officially called off its strike action which began on Wednesday, 19th October, 2022.

In a press release signed by Alpha A. Saban, General Secretary of GUTA, the Association’s decision to call off the strike came after its leadership met with the King of the Ga State, Nii Tackie Teiko Tsuru II and President of the Republic, Nana Akufo-Addo.

“The King of the Ga State, Nii Tackie Teiko Tsuru II invited leadership of our Association to brief him about our concerns. After carefully listening to the concerns, he saw reasons with us and promised to intervene and take the matter to the appropriate authorities for urgent solution.
“Immediately after meeting with [the] King, the President of the Republic also invited us and listened to our grievances and the recommendations thereon.”
GUTA

According to the press release, the President after listening to the leadership of GUTA, called for the setting up of a working committee with the mandate of finding solutions to the concerns raised. The committee will comprise of people from the Ministry of Trade and Industry, National Security and GUTA.

The GUTA press release also made mention of the President’s promise to include GUTA’s recommendations in the ongoing IMF negotiations.

The leadership of GUTA encouraged its teaming members who participated in the strike to reopen their shops.

“In view of this goodwill from this great personalities, we wish to appeal to our teaming members and the entire trading community who participated in this strike action to reopen their shops from tomorrow, (21st October) as we continue to pursue the process for immediate solution.”
GUTA

Deputy Minister of Trade in charge of Industry, Mr. Michael Okyere Baafi, also disclosed that government intends to maintain a fixed exchange rate at the ports for the next three months to make the cost of importation of goods moderate.

Mr. Baafi revealed that, the government will suspend the ongoing invigilation exercise being carried out by the Ghana Revenue Authority (GRA) which has led to the closure of some shops.

GUTA’s Strike

GUTA on Wednesday, 19th October, 2022, announced an industrial strike action to protest the high cost of doing business in the Country.

Prior to the strike, members of the trading community had been complaining of loosing their business capitals due to high exchange and interest rates as well as high inflation.

According to the traders, Ghana’s forex challenges coupled with the high cost of living in the Country is making trading in the Country somewhat impossible.

Even before the National strike, traders at the central business district of Kumasi in the Ashanti Region took the lead by closing down their shops in a three (3) day protest.

President of GUTA, Dr. Joseph Obeng, speaking in an interview on an Accra-based TV station, bemoaned that monies invested by traders at the beginning of the year have reduced drastically. According to him, some traders are trading with as little as half of the initial capital they started with at the beginning of the year.

“Now we find it difficult to get the same value of 100 % that you used to have in the beginning of the year. Now your value is 50 % only and it can buy half of the exchange that you used to buy.”
Dr. Joseph Obeng, GUTA President