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According to the Association, its decision to suspend the strike is as a result of the cedi gaining strength against the CFA Francs and the US Dollar
Members of the Importers Association in Kumasi in the Kumasi Metropolis of the Ashanti Region have announced they will not be importing any goods into the country this week despite opening their shops for business.
This follows a decision by the Association to suspended their intended sit-down strike in protest of the falling cedi.
The strike should have taken effect today, Monday, 31 October 2022.
According to the Association, its decision to suspend the strike is as a result of the cedi gaining strength against the CFA Francs and the US Dollar.
Deputy Secretary for the Association, Nana Yaw Owusu Agyemang, who spoke to Class 91.3 FM’s Ashanti Regional Correspondent, Elisha Adarkwah, revealed that members have given themselves an additional week to observe further the US dollar and the CFA franc and that will inform their next decision.
“Per our initial arrangement, today we shouldn’t have opened our shops. We’re opening our shops today and this week because based on the cedi to CFA ration, the cedi has gained strength and we believe that if we open to our business partners who come from various villages and towns to patronise goods from our shops, the inflation rate will also come down again.
“That is our belief, and that’s the reason why we’re opening,” he explained.
Mr Owusu Agyemang however reiterated the Association’s decision to stay away from any import activity, while it waits for the cedi to appreciate against the currencies used for trading by members.
The Ntomahemaa of the Kumasi Kejetia Market, Nana Yaa Boadu, also appealed to government to do something about the inflation rate which is affecting their businesses.
“Already, since we came here to sell, business is slow, traders come here to sleep, those who will chat too, chat, business is really slow here.
“Currently things are expensive so business is not booming. So we’re pleading with government to help us,” she said.
Members of the Kumasi Importers Association, hinted at a sit-down strike in protest of the falling cedi.
The Association which comprises of the Kumasi Togo Agents Association, Clothes Sellers Association, T-shirt Sellers Association, Material Sellers Association, and Babies and Children Ware Association among others, had indicated that the businesses of its members were collapsing due to the depreciation of the cedi.
The Deputy Secretary for the Association, Nana Yaw Owusu Agyemang, speaking to Class 91.3 FM’s Elisha Adarkwah, Monday, 24 October, explained that: “The inflation of the cedi to CFA ration, is affecting our business because when you look at two weeks ago, the rate of the CFA was GHS16.30 but as of last week, it was GHS18.40 so you can strike a difference of GHS2.10, so assuming you convert 1 million CFA, you’ll be paying a difference of GHS2100 but if you sit down and sell the goods too, your profit will not accumulate to GHS2100.”
The Deputy Secretary further indicated that the Association will stop importation of goods for two weeks in protest against the falling cedi.
“So it means you’re running at a loss and in business too we run for profit or we run a business to maintain our capital but at this moment we’re running at a loss, all our capitals are [going] into [the] ditch.
“So we have also decided that we’re taking two weeks strike, a sit-down strike. We’re sitting down for two weeks, we’re not importing any goods from any neighbouring countries using the CFA and the dollar because the inflation is killing us, it’s collapsing all our finances,” Mr Owusu Agyemang stated.
Source: classfmonline.com
