The Ghana Union of Traders Association (GUTA) has warned Deputy Minister of Finance, Dr. Stephen Amoah against making statements that could incite the trading community.

Dr. Joseph Obeng, President of GUTA, expressed disappointment over recent comments by Dr. Amoah, who blamed GUTA members for the ongoing decline of the cedi.

Dr. Amoah, during an interview on Accra-based Onua FM, accused some GUTA members of using black market currency exchange services, which he claimed was contributing to the Cedi’s instability against the US dollar.


He told Ghanaweb that the Deputy Minister’s comments were “misguided and unfortunate, and he should avoid making statements that could provoke the trading community.”

“Many traders resort to forex bureaus or black market currency exchange services to purchase their goods and this is by choice.”

Dr. Obeng urged the Deputy Finance Minister to collaborate with his sector minister, Dr. Amin Adam, to develop a sustainable solution for the cedi’s depreciation against major trading currencies.

He emphasised the need for constructive dialogue and cooperation to address the economic challenges facing the nation.

The GUTA president lamented that the business community is already at its wit’s ends because of high cost of doing business due to “high taxes, duties, and the economic downturn.”

“My advice is for the deputy minister to help find lasting solutions to this ongoing problem…The government should also implement a policy to tackle the depreciation issue once and for all and provide clarity on black market currency exchange services and forex bureaus,” he said.

Source: myjoyonline.com