Cedi depreciation: Kumasi traders to close down shops from November 5

Thousands of traders in Kumasi, the capital of the Ashanti Region have threatened to close down over 8,000 shops on November 5, 2022, in protest of the high cost of doing business in the country. The traders who ply their trades at the Kejetia market, Racecourse market, Abinkyi market, Bantama market, Asafo market, Kwadaso market, among others have vowed to halt all trading activities by closing down their shops to drum home their concerns over the free fall of the Ghana Cedis against major trading currencies in the world. The traders who are from six different associations in Kumasi City have directed their members to first suspend the importation of goods into the country for the next two weeks beginning Monday, October 24, 2022. The traders are mainly from the Ashanti Regional branch of the Importers Association, Kumasi Togo Agents and Traders Association, Clothes Sellers Association, T-Shirt Sellers Association, Material Sellers Association, Babies and Children Wear Dealers Association, and Headscarfs Dealers. Speaking to OTEC News' Kwame Agyenim Boateng on Sunday, October 23, 2022, the Public Relations Officer for Importers Association, who doubles as the Deputy Secretary for Kumasi Togo Agents and Traders Association Nana Yaw said they will be compelled to close over 8,000 shops in Kumasi City on November 5, 2022, if nothing changes. He explained that the local currency's inability to compete with the dollar and the CFA was negatively impacting their businesses. "This protest is a signal to the government to have a sense of urgency to salvage the situation," he said. He added that things were quickly getting out of hand and something had to be done as a matter of urgency to avoid collapsing the system. "We are pleading with the government to do something to stop the depreciation of the cedi and the high rate of inflation to reduce the hardships faced by Ghanaians," he added.