GUTA urges traders to alter prices as inflation declines.
All members of the business community are being urged by the Ghana Union of Traders’ Associations (GUTA) to actively adapt to the shifting market trend and modify prices to reflect this.
The Union has noted the efforts being made by the government and the Bank of Ghana to lower the cost of doing business, especially given that inflation is down and the exchange rate has improved.
The Ghana Statistical Service (GSS) reported the March inflation rate at 45 percent, down from the previous month’s 52.8 percent, on Wednesday, April 12.
In order to further lower inflation and other costs associated with conducting business in the nation, GUTA urged the government to “continue the efforts and take advantage of the reduction in the exchange rate.”
The efforts can be maintained if the Cedi’s appreciation is also sustained, the customs valuation rate is also adjusted to reflect the current trend, the monetary policy rate is reduced by the Central Bank to give meaning to the gains, and stakeholders in general manage “unnecessary” speculation to prevent rolling back the positive gains made thus far, according to a press release issued by Dr. Jospeh Obeng, president of GUTA.
“In light of this, GUTA implores every businessperson to embrace the shifting trend and alter prices to account for the exchange rate.
In fact, we are grateful for the government’s efforts and hope they will relieve business stress and bring about the economic development that our country as a whole values and seeks.
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