Regional News of Thursday, 10 January 2013
Source: Daily Guide
Traders in Tamale, the northern regional capital who were anticipating a boom in sales after the 2012 elections and Christmas, have expressed disappointment at the current situation.
The traders, who recorded huge losses due to poor sales and high cost of living, claim they may not be able to recoup their investments if sales do not improve.
Shop owners and retailers, in an interview with CITY & BUSINESS GUIDE, said they took loans from banks to purchase various goods in anticipation of a boom in sales.
The situation, according to them, deteriorated after Christmas and New Year, attributing it to the harsh economic conditions in the country.
A cross-section of the affected traders told the paper that they were considering discussing the issues with the banks. They had banked their hopes on improved sales during the yuletide.
Some also expressed fears over the anticipated increases in the prices of petroleum products.
Economic analysts said the residents spent extravagantly during the festivities.
They further argued that parents pay fees and other bills during the second half of January.