The Ghana Union of Traders’ Associations (GUTA) is urging all members of the business community to respond positively to the changing trend in business and adjust prices to reflect this.
The Union has observed the efforts government and the Bank of Ghana, for that matter, are making towards reducing the cost of doing business as inflation is down while the exchange rate has improved.
On Wednesday, April 12, the Ghana Statistical Service (GSS) announced the March inflation at 45 percent from the previous month’s 52.8 percent.
GUTA urged 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”.
A press statement issued by the President of GUTA, Dr Jospeh Obeng, on Wednesday said the efforts can be sustained if the appreciation of the Cedi is also sustained, customs valuation rate is also adjusted to reflect the current trend, the monetary policy rate reduced by the Central Bank to give meaning to the gains and stakeholders in general managing “unnecessary” speculation in order not to reverse the positive gains made so far.
“In the 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.”