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Ghana News

GUTA urges traders to alter prices as inflation declines

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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.

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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.”

According to a press release from Dr. Jospeh Obeng, President of GUTA, the efforts can be sustained if the Cedi’s appreciation is also sustained, the customs valuation rate is also adjusted to reflect the current trend, the central bank’s monetary policy rate is decreased to give meaning to the gains, and stakeholders in general manage “unnecessary” speculation to prevent reversing the positive gains made thus far.

“In view of this, GUTA appeals to all members of the business community to embrace the evolving trend and modify prices to account for the exchange rate.

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