Shop closures will not effect the exchange rate; instead, they will have an impact on your enterprises.

The group claims that when merchants close their stores, multinational corporations, like malls in Ghana, unfairly benefit.

It went on to say that because other bills are still unpaid and interest on loans is still accruing, the refusal of merchants to reopen their stores will really cause them difficulty.

In a press release dated Monday, October 17, 2022, TAGG stated that “the interest on our loans will keep piling up, our children’s tuition will stay unpaid, and we shall lose the extremely few consumers we have been striving to maintain. During this press conference, we are pleading with you, fellow merchants, to remain open so that you can maintain your physical and mental well-being while we fight for your rights.”

As our foreign competitors are already restricting the local sector, TAGG feels that closing our shops will have little impact on the exchange rate but will instead spell doom for our already suffering enterprises “It was terrible.

However, it stated that merchants might continue the protest by donning red armbands and red and black clothing outside of their respective stores.

Part of the statement read, “We also believe the protest must continue, so we are urging our members to sustain the protests by wearing red arm bands, black or red attire, and by hanging red banners in front of their businesses starting on Tuesday, October 18, 2022, rather than closing our shops and hitting the streets.

Recall that on Monday, October 10, 2022, some Kumasi merchants locked their doors in protest at the frequent cedi depreciation.

They listed several justifications for the protest against the government, including the high cost of conducting business and the government’s collecting of exorbitant taxes.