In an effort to protest the ongoing free fall of the cedi against major trading currencies, about eight trade associations and importers in Kumasi, Ashanti Region, have threatened to close their businesses and halt imports for two weeks.
The importers and sellers of clothing and goods claim that the volatile nature of the exchange rate is causing their business to collapse and is also depleting their capital.
The leadership of the several groups is organizing people to start the strike next week, according to Nana Yaw Agyeman, the deputy secretary of the importers association in Kumasi.
“At this moment, we are running at a loss. All our capitals are in a ditch,” Mr. Agyeman said.
“The inflation is killing us. It is collapsing all our finances, collapsing all our capital, and we cannot sit down for our capital to drain like that,” he added.
Similar issues prompted the Ghana Union of Traders Association (GUTA) to strike last week.
Due to government efforts made to placate the importers, the walkout lasted two days.
A fixed exchange rate would be maintained at the ports for the following three months to protect traders who import goods, according to Deputy Trade and Industry Minister Michael Okyere Baafi, among other interventions and concessions the government has made to GUTA.
The government will stop the ongoing invigilation by the Ghana Revenue Authority, which has sparked protests and forced the closure of companies, particularly in Adum, Kumasi, according to the deputy minister.