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Ghana’s inflation in September increased by 37% as the local currency -Cedi- lost its value against the greenback, affecting a considerable rise in the import bill of the west African country.
Traders in Ghana’s capital Accra closed their stores and businesses in a three-day protest over the soaring cost of living. www.trendsnafrica.com has reported about the spiralling prices in the West African country recently. Ghana’s inflation in September increased by 37% as the local currency -Cedi- lost its value against the greenback, affecting a considerable rise in the import bill of the west African country.
As traders held protests by closing the shops and stores, markets wore a deserted look. Most of the markets in the capital Accra were closed. Only street food vendors in front of the shuttered shops could be seen. According to the Ghana Union of Traders Association (GUTA), the move has helped in sending a signal to the government that they were frustrated over poor economic management.
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Traders said that the government should listen to the plea of businesses. Trading activities employ a lot of youngsters and provide a livelihood to many. They demanded that the government should implement policies that would help businesses to grow while pitching for more business-friendly programs and policies. President Nana Akufo-Addo is under pressure over his economic management. The government is negotiating with the IMF for a US$3 billion bailout. In the meantime, Ghana’s central bank has increased its benchmark lending rate by a whopping 10 percentage points this year to 24.5 percent in a bid to tame price growth, increasing borrowing costs for traders. Recently, the IMF officials who are negotiating with Ghana’s government expressed the hope of reaching an agreement before the end of the year.
