The union in a statement said consultations with the government and Ga Mantse, Nii Tackie Teiko Tsuru II had led to the softening of its stance.

GUTA had been protesting because of Ghana’s forex challenges and the rising cost of doing business.

The cedi has been noted as the worst-performing currency and has fallen by over 50 percent to the dollar in 2022.

But citing goodwill from the government, the union said the government plans to put together a working committee made up of the Ministry of Trade and Industry, National security and GUTA, to “swiftly come out with pragmatic measures to solve the challenges.”

It also said it had been assured that its recommendations “would be factored in the ongoing IMF discussions.”

The government hopes to receive $3 billion under an IMF extended credit facility programme to support the economy and open the doors to more borrowing on the international market.

Among interventions and concessions the government has made to GUTA, a Deputy Trade and Industry Minister, Michael Okyere Baafi, said a fixed exchange rate will be maintained at the ports for the next three months to cushion traders who import goods.

The Deputy Minister also said the government will suspend the ongoing invigilation by the Ghana Revenue Authority that has resulted in protests and the closure of businesses, specifically in Adum, Kumasi.