Kumasi Traders Lock Up Stores To Protest Depreciating Cedi

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For the second day running, some traders in the Central Business District of Kumasi have kept their stores locked up in protest of the depreciating local currency against the dollar and the disparity in the tax regime.

The Adum Traders Association, who mainly deal in fast moving consumer goods and wholesale items such as rice, sugar, vegetable oil, tomato paste, biscuits, canned fish and other consumables claimed the continuous depreciating of the local currency was affecting their business.

They said people were not buying their goods due to the high cost as a result of the inflation and coupled with the high tax regime, it was becoming difficult to operate their shops.

And to register their concerns, the traders decided to lock up their shops from last Monday and not to sell until further notice.

Tax

An Executive member of the association, Kwadwo Appiah, also known as Agya Amponsah, told the media that there was the need for the government to review the 18.5 per cent Valued Added Tax (VAT) slapped on their goods.

He explained that the tax which was borne by the consumer was making the cost of items expensive and over burdening the final consumer.

Mr Amponsah explained that those who buy the items in wholesale paid the same tax which they in turn transferred to the consumer including profit margins.

He said they were prepared to sit with the government to find ways of reducing the tax particularly, on the kind of goods they sell and make the items cheaper for all to patronise.

Effect

The decision to lock up the stores did not only affect retailers who come from far and near with the intention to restock their goods but also head porters and truck pushers and drivers in cargo services.

The head porters do not only carry goods for customers but also serve as shop assistants at some of these shops.

By: graphiconline.com