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GUTA warns of more agitations over high taxes, cedi depreciation

Source The Ghana Report

Members of the Ghana Union of Traders Association (GUTA) have warned of more agitations across the country if concerns of traders are not immediately addressed .

This comes after traders within the Central Business District in the Kumasi Metropolis in the Ashanti Region closed their shops on Monday to protest what they felt were exorbitant taxes imposed on their businesses, as well as the high depreciation of the cedi.

According to the traders, the taxes and continuous depreciation of the cedi, among others are collapsing their businesses.

The National President of GUTA, Dr. Joseph Obeng, who has been reacting to the development, declared the association’s support to their traders in Kumasi.

“First, we were managing our frustration, but now our frustration has turned into anger and that is what is showing in the business community. This is only the beginning because others are going to follow. If I listen to the agitations of our members, it means that a lot more is going to follow, and it is going to be massive,” he said.

The cedi has depreciated by 37.5% to the US dollar as of the end of September 2022 according to the Bank of Ghana.

Currently, the dollar is trading at a little over GH¢11 to $1.

On Monday October 10, traders in the Ashanti Region began a 3-day protest by closing down their shops over taxes imposed on their businesses by the government.

Most of the locked-up shops had red bands to signify their concerns about taxes.

The traders are also kicking against a decision by the Ghana Revenue Authority to station their officers at each shop to record Value Added Tax (VAT) on products they sell.

The affected shops are for traders who deal in groceries at Pampaso and PZ, located in the Central Business District.

Some shop owners want the government to reduce the taxes on businesses.

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