Closing shops will not make any difference in the cedi – Joe Jackson tells GUTA

A Financial Analyst and Chief Operating Officer of Dalex Finance, Mr Joe Jackson has called out the Ghana Union of Traders Association (GUTA) following their decision to close shops in the wake of the free fall of the cedis against major trading currencies.

According to him, the closure will not make any impact on the woes of the cedi, neither will it put adequate pressure on the government to find solutions to their concerns.

“Unfortunately, I don’t think so. Unfortunately, I don’t think the closure of their shop is going to put enough pressure on the government so am not sure whether closing their shops may put pressure on the government in another way but I don’t think closing their shops will make any difference to the depreciation of the cedi”

The Financial Analyst was speaking on TV3’s Ghana Tonight monitored by GhanaPlus.com on Wednesday, October 20.

Mr Jackson blamed the union for the free fall of the cedi adding that if they stop demanding dollars and focus their activities on the local market the situation will get better .

“They themselves adds to the depreciation of the cedi, if they stop demanding dollars, they find alternatives, they find alternatives locally, they find alternative to export, things will change so I really don’t think so, I don’t think it will put pressure on,” he said when asked if the action by the traders will make any impact on the cedi and also on government.

GUTA close shops over cedi depreciation

Members of the Ghana Union of Traders Association(GUTA) have currently closed down their shops in the protest of the falling Ghana cedi.

The protest which began on Wednesday, October 19 is expected to continue through to Monday October 24 to drum home their unhappiness with the depreciation of the cedi which is affecting their businesses.

They lament the  continuous falling of the Ghanaian Cedi on the forex market coupled with  high inflation rate is eroding their business capital and affecting their businesses in the long run.

GUTA said they want the closure of their shops to be a “pinch” on government to address their concerns.

The shops closure  comes in some days after, traders in Kumasi in the Ashanti Region did same.

Source: GhanaPlus.com