The Ghana Union of Traders Association (GUTA) has urged the government to ensure that the economic stability gained in 2023 is made stronger in 2024.
That, Dr Joseph Obeng, President, GUTA, said would help make businesses buoyant and expand to employ more youth, which would ultimately bring relief to Ghanaians.
He said this in an interview with the Ghana News Agency on Wednesday, January 3.
He said once there was economic stability, traders would pass on the gains to consumers by making things in the market affordable.
“The 26.4 per cent inflation rate for November 2023 should not only be maintained, but improved, and the stability of the local currency sustained,” he said.
He said the business community would not want to experience the conditions of businesses in the last quarter of 2022, “because 2023 was comparatively good, as the currency was fairly stabilised and inflation reduced.”
“When that happens, businesses will recover speedily from the losses from the previous years, then we’ll boom and transfer the gains through the pricing we make, then the consumer can also have some respite,” he said.
Dr Obeng also urged government to increase efforts in getting the second tranche of US$600 million from the International Monetary Fund (IMF) to support the stability process.
“We’re hoping that the second tranche of the IMF money will also come through to sustain the stability,” the GUTA President said.
He called for a conscious effort to invest and ensure that industries operated in an environment that would make them produce more at affordable prices and competitive for both local consumption and export.
Dr Obeng said achieving that would require that taxes were made business-friendly, and mechanisms put in place to reduce the cost of doing business in the country.
In addition to that, there should be retention policies to control repatriation of profit by foreigners in the Ghanaian oil and gas, mining, and communication industries, he said.
“We can keep about 40 per cent in the country as equity so that they don’t sell all their money away. When we do this, we would be able to control the depreciation of the Cedi as well as inflation,” he noted.
On the upcoming General Election, he advised the government to “be mindful that 2024 is an election year, therefore, we must control our expenditure. If we’re unable to do that, we shall experience a much bigger problem.”
Latest Stories
-
“We are on a mission” – Laryea Kingston
4 mins -
Tiwa Savage triumphs in the film ‘Water and Garri’
5 mins -
Rick Ross applauds Medikal for O2 concert, hints at collaboration
18 mins -
Limited Voter Registration Exercise: Offline voter registration to commence today
21 mins -
Amend reliefs seeking to disqualify Mahama from 2024 presidential election – Supreme Court directs Ken Kuranchie
34 mins -
Make GNPC great again – Asantehene to new CEO
35 mins -
Ghana’s Alfred Duncan helps Fiorentina book Europa Conference League final spot
36 mins -
OWASS ’99 Old Students spend over ₵500K to refurbish school compound
49 mins -
GRA provides clarity on E-VAT implementation; optimistic of its significant impact
1 hour -
Select running mate from Bono, Bono East else … – Dormaahene tells Bawumia
2 hours -
EC’s limited voter registration: 18-Year-Olds eagerly embrace voting rights in Ghana
2 hours -
‘My heart is for Berekum Chelsea now’ – Samuel Boadu
2 hours -
Chair of NDC-USA chapter Maame Aba Dadzie donates to struggling Ohiamadwen D/A Primary School
2 hours -
Train accident: Four accused persons granted GH₵800K bail
2 hours -
Akufo-Addo to order release of KPMG report
2 hours