Ghana shop owners threaten to strike over inflation – Capital Radio Malawi
23 May, 2024

Ghana shop owners threaten to strike over inflation


Shop owners in Ghana are threatening to close their business premises next Monday to protest against the weakening of the country’s currency, the cedi.

At 10 cedis to the US dollar, traders are finding it difficult to stay in business as the cost of importing and clearing goods continues to rise.

Prices for most basic goods and services have doubled over the last couple of months in Ghana, but incomes for the most part.

“We are demonstrating against the government to show the extent that we are suffering… The intention is not to punish the consuming public,” said Joseph Obeng, president of the Ghana Union of Traders Associations president, about increasing interest rates and multiple taxes borne by traders.

In solidarity with the planned demonstration, the Ghana Institute of Freight Forwarders, an umbrella body for clearing agents, says it will also cease operations on Monday.

Inflation in Ghana now stands at over 31% – the highest in the last 20 years.

The government has pointed the blame at the Covid-19 pandemic and the recent Russia-Ukraine war.

But earlier there had been concerns about the country’s public debt, which now stands at $45.5bn (£38.3bn) – more than 77% of the country’s gross domestic product (GDP).

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