The Ghana Union of Traders’ Associations (GUTA) is entreating all business community members to respond positively to business trends by reviewing the prices of goods and services following the significant inflation slump.
GUTA said in a statement on April 12 that they welcome the efforts of the government and the Bank of Ghana (BoG) towards reducing the cost of doing business with decreasing inflation and improvement in the exchange rate.
On Wednesday, April 12, the Ghana Statistical Service (GSS) announced the March inflation at 45% from the previous month’s 52.8%.
GUTA urged the government “to continue the efforts and take advantage of the reduction of the exchange rate to further reduce inflation and other costs of doing business in the country”.
The President of GUTA, Dr Jospeh Obeng, said the efforts could be sustained if the appreciation of the cedi is also sustained.
He further called for an adjustment in customs valuation rates to reflect current trends.
For him, the apex bank must reduce the current Monetary Policy Rate (MPR) to give meaning to the gains.
Dr Obeng also stated that stakeholders, in general, must manage “unnecessary” speculation in order not to reverse the positive gains made so far.
“In light of this, GUTA entreats all members of the business community to respond positively to the changing trend and adjust prices to reflect the exchange rate.
“Indeed, we are very appreciative of the government’s efforts and hope that it will bring relief to businesses and lead to the economic transformation we all cherish and desire as a nation,” the statement concluded.