Shopkeepers in Ghana to Hold Protest Against Skyrocketing Inflation

The West African nation’s currency ̶ the cedi ̶ has been losing more and more value with each passing month since the beginning of the year. At the same time, the country’s public debt grew to $45.5 billion, over 77% of GDP.

Shop owners in Ghana have declared that they will close their venues next Monday in order to protest rising inflation, which has surpassed 31.7% - the highest number in almost two decades.

"We are demonstrating against the government to show the extent that we are suffering… The intention is not to punish the consuming public," said Joseph Obeng, the president of the Ghana Union of Traders Associations.

Earlier this month, authorities raised the benchmark interest rate to a record 22% in a bid to stop inflation. At the same time, a hike in utility prices is expected to take effect on September 1.

The high cost of living caused street protests in June and July which were dispersed by police. Reports suggested that the protesters accused politicians of poor governance amid rising fuel and food prices.

The demonstrations also forced the cabinet to change its stance on the International Monetary Fund, and the country started negotiating a bailout with the IMF. Reports suggest that a $3 billion aid package may be approved in this year’s fourth quarter.