Cedi fall: We may have to continue squeezing ourselves till Q3 – GUTA

Vice President of the Ghana Union of Traders Association (GUTA), Clement Boateng has said Ghanaians may have to continue squeezing themselves till the third quarter of this year in order to start seeing the Cedi picking up against the dollar.

He said this while speaking on the Sunrise show with Alfred Ocansey on 3FM Tuesday March 22.

“Maybe we have to continue squeezing ourselves till the third quarter,” he said.

Meanwhile, the Ghana Trades Union Congress (TUC) has made some demands from government following the rising cost of living in Ghana due to the high fuel prices.

Secretary-General of the TUC, Dr Yaw Baah in a letter he wrote to the Finance Ministry on Monday, March 21, said “The situation must be addressed without further delay, otherwise many more Ghanaians will be pushed into destitution,” Dr Baah warned in the letter.

The letter noted how fuel prices have increased astronomically since January, obviously impacting cost of living.

“We propose that Government must immediately suspend all taxes and levies on petrol, diesel, LPG, and kerosene.

“This should bring down prices of these fuel products by an average of about 15 percent.

“The suspension should remain in force until the international price of crude oil stabilises and the decline of the Cedi has been halted.”

The TUC is hopeful reduction in fuel prices will translate into price stabilisation of essential goods in the country.

“More importantly, suspending taxes and levies on these fuel products in these challenging times will demonstrate to Ghanaians that our government is sensitive to the plight of the people of Ghana.”

READ ALSO:  Dr. Bawumia launches mobile money payment interoperability system

It also urged government to review the method of fuel pricing while demanding a rejig of the Tema Oil Refinery (TOR) to avoid importation of crude oil.

By Laud Nartey|3news.com|Ghana