Retailers and traders have refuted claims that they are defrauding customers by taking advantage of the current economic downturn.They claim they have no control over the situation.Mama Akos, who sells fabrics at the Makola market, told GhanaWeb Business in an exclusive interview that the quick depreciation of the cedi has put pressure on her company's operations.

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She made a suggestion that if the circumstance is not managed correctly, the majority of her coworkers might go out of business.“Let me tell you something. Imagine I go to Togo with GH¢10,000 to buy 100 items, with the aim of selling them at GH¢120 each. When I was going to stock up, the exchange rate for the CFA was GH¢12.50, but before I get back here to sell, the CFA would have jumped to 15cedis and I have to make a profit.

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So, before I can get even my capital to restock again, I have to increase my prices.Also, remember that the price of everything has increased, if I’m not making a profit on my business, how can I afford basic things to take care of my family,” she told GhanaWeb.Mama Ako added: to say we are taking undue advantage is not fair. That is not the case.

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Water, electricity, fuel, transport fares, food, everything, has witnessed a price increase in such a short time. We are just surviving.”However, the Ghana Union of Traders’ Associations’ have suspended its strike after it received “goodwill” messages from the President and the Ga Mantse.Traders in Accra closed down their shops in protest of the rapid depreciation of the Ghana cedi against major trading currencies.

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The traders stated that the activities of the black market have been a major contributing factor to the cedi’s depreciation.'Arrest black market dealers' - Traders as they lock shops in Accra

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