Cedi depreciation: Ghana still imports 'old newspapers' - Report

The Ghana Union of Traders Association (GUTA) has expressed fears over an imminent collapse of local businesses due to cedi depreciation and other market challenges.

GUTA has threatened to demonstrate against the government complaining that, "businesses have reached a situation where their survival is seriously threatened . . . we are calling on the government, as a matter of urgency, to reconvene the Foreign Exchange Committee that was set up a few years ago by the Finance Ministry which involved all relevant stakeholders, to help find an immediate solution".

The President of GUTA, Dr. Joseph Obeng, in an interview, stated: "the exacerbating tension that is coming from the trading Committee is huge . . . they believe that if nothing is done about their businesses, their businesses are going to collapse in perpetuity so they are calling for a serious demonstration".

With the Traders Association raising the red flag over the local market, Ghana continues to import.

The panel on 'Kokrokoo' morning show on Peace FM were thrown into a state of a shock finding out from a texter that the country imports newspapers, despite having local newspaper corporations and lots of newspapers in circulation at media organizations and offices.

"We import old newspapers with our dollar. Go to La Paz right now; there's a 40-footer container offloading old newspapers," host of 'Kokrokoo', Kwami Sefa Kayi read.

It is further disclosed that the old newspapers are used to wrap goods and also for manufacturing egg crates.