2022 Christmas won't be like previous years; there's no money in the system - GUTA

Traders in Ghana have lamented the increasing cost of doing business in Ghana due to the cedi depreciation and economic hardships. According to the President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, the worsening economic situation has affected the working capital of traders to the extent that they are not able to plan adequately as the Christmas festivities approach. He noted that this year’s Christmas won't be the same as previous ones. He said: “[The situation] is affecting us badly. It’s so negative on our businesses to the extent that we cannot even do the volumes that we normally do for Christmas because our capital has already dwindled, it has been so depleted that we cannot do the same volumes. “Our businesses are collapsing, so Christmas, as you mentioned, will not be the same as the previous Christmas because the money is simply not there,” he is quoted by myjoyonline.com. Meanwhile, some traders at Adum in Kumasi closed down their shops in protest of the high economic conditions in the country. According to them, the cedi’s depreciation is affecting their businesses and livelihoods. The cedi currently sells at GH¢11 to US$1. Watch the latest episode of BizTech below: SSD/BOG