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Ghana News

High cost of doing business in Ghana responsible for ports traffic halt, says GUTA President

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The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has attributed the halt in traffic at Ghana’s ports to the high cost of doing business in the country. He lamented that the current cost of doing business in Ghana is extremely expensive, and this is frustrating entrepreneurs because, compared to their counterparts in neighbouring countries, they are losing out on profits.

According to Dr. Obeng, due to the high cost of doing business, most Ghanaian businesses are resorting to conducting business and buying goods through the ports of neighbouring countries such as Togo, leaving Ghana’s ports empty.

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He further explained that the inflation being experienced in Ghana was also attributable to the decline in traffic at the ports. This is because the burden inflicted on both the trading community and consumers by inflation is excessive, making consumers unable to purchase products in the quantity that they used to do prior to inflation.

The effect of this on the trader, he highlighted, was that they also found it difficult to service their loans, which also affected their business. Dr. Obeng emphasized that trading thrives on turnover and that if turnover is curtailed because the consuming public’s purchasing power has been lessened, it means that traders are unable to service their loans because their turnover is curtailed.

Therefore, Dr. Obeng has called for measures to be put in place to reduce the cost of doing business in Ghana, including reducing taxes and other levies, and providing incentives for businesses to stay and operate in Ghana. He also called on the government to address the issue of inflation and the decline in traffic at the ports, to ensure that Ghana’s economy remains competitive in the sub-region.

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