Striking traders in Ghana’s capital, Accra have decided to put their industrial action on hold as economic hardship hits citizens even more.
This is coming after members of the Ghana Union of Traders Association (GUTA) say the authorities have promised to address their agitations.
There are ongoing talks with the government and intervention by the president of the Ga traditional council, Nii Tackie Teiko Tsuru II to resolve the issues.
The traders had closed shops in Accra and GUTA’s arrowhead is now pleading with members to adjust the prices of their goods in line with the rate of local currency depreciation.
Currently listed as the world’s least-performing currency, the Ghanaian cedi is now 14 to US $1, having lost 72% of its value against the US dollar and annual inflation has reached a record 37%.
Finance Minister Ken Ofori Atta has urged Ghanaians to not be apprehensive, stating that the fast depreciation of the cedi is due to the high demand for the US dollar to imports for Christmas.