After two days of strike action, the Ghana Union of Traders Association (GUTA) called off the action and advised its members to reopen their stores today, Friday.
In a statement, the union claimed that its position has softened as a result of discussions with the government and Ga Mantse, Nii Tackie Teiko Tsuru II.
Due to Ghana's forex issues and the increased cost of conducting business, GUTA had been protesting.
The worst-performing currency, the cedi, has had a 50%+ decline against the dollar in 2022.
However, emphasizing the administration's good intentions, the union said that the government intended to form a working group composed of the Ministry of Trade and Industry, National Security, and GUTA in order to "swiftly come out with pragmatic solutions to overcome the difficulties."
Additionally, it stated that it had received assurances that its proposals "will be taken into account in the continuing IMF deliberations."
As part of an IMF extended credit facility program, the government aspires to receive $3 billion in order to assist the economy and make it easier for it to borrow more money from foreign markets.
A fixed exchange rate would be kept at the ports for the following three months, according to Michael Okyere Baafi, a deputy trade and industry minister, among other interventions and concessions the government has made to GUTA.
The government will stop the ongoing invigilation by the Ghana Revenue Authority, which has sparked protests and forced the closure of companies, particularly in Adum, Kumasi, according to the deputy minister.