Stabilize Our Currency; The Cedi Depreciation Is Collapsing Businesses – GUTA President

Stabilize Our Currency; The Cedi Depreciation Is Collapsing Businesses – GUTA President

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The President of the Ghana Union of Traders Association (GUTA), Dr James Obeng has urged the Ministry of Finance to include reduction of import duties in the mid-year budget review which is scheduled to take place in July.

The President of the Union stated that levies and taxes amounted to almost 52 per cent which sometimes exceed their capital and thus the major reason why imported commodities are expensive.

The Union also numbered cedi depreciation, bureaucracy, high interest rate, and delay in clearing goods and others as factors accounting to the expensive nature of commodities.

Dr Obeng pleaded with the Finance Ministry to stabilise the currency from further depreciation against the dollar.

 He stated that most times, “imports are made before the cedi depreciates and this affects their profit”.

Mr Kenneth Ofori-Atta, Finance Minister, also assured the Union that the Ministry together with the government would find amicable solutions to the problems outlined.

Source: Abigail Bonney/L 300 JN

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