{"id":39751,"date":"2023-04-14T06:23:38","date_gmt":"2023-04-14T06:23:38","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/reduce-prices-guta-urges-traders"},"modified":"2023-04-14T08:16:45","modified_gmt":"2023-04-14T08:16:45","slug":"reduce-prices-guta-urges-traders","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/reduce-prices-guta-urges-traders","title":{"rendered":"Reduce prices \u2013 GUTA urges traders"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>The Ghana Union of Traders\u2019 Association (GUTA) has asked traders across the country to reduce their prices to reflect the current downward trend in inflation and exchange rates.<\/b><\/p>\n

The year-on-year inflation, which was 54.1 per cent in December of 2022, has seen three consecutive reductions in 2023 \u2013 53.6 per cent for January, 52.8 per cent, February, and 45 per cent for March.<\/p>\n

On the other hand, the exchange rate for the local currency against the dollar, which was GHS13.09 to $1 as of December 1, 2022, has seen some decline over time, with the latest being GHS10.92 to $1for April 12.<\/p>\n

\u201cIn 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,\u201d Dr Joseph Obeng told on Wednesday.<\/p>\n

Dr Obeng expressed appreciation of GUTA to the Government and the Central Bank for efforts at bringing down inflation and exchange rates.<\/p>\n

\u201cIndeed, we are very appreciative of the Government\u2019s efforts, and hope that it will bring relief to businesses and lead to the economic transformation we all cherish and desire as a nation,\u201d he said.<\/p>\n

The trade union leader, however, called on the Government to continue with 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.<\/p>\n

He recommended that measures were put in place to sustain the appreciation of the Cedi, while adjusting customs valuation rate to reflect the current trend of the exchange rate.<\/p>\n

Dr Obeng also asked the Bank of Ghana to \u201cdrastically reduce the monetary policy rate and give meaning to the gains, as well as give respite to the business community.\u201d<\/p>\n

He also said that it was important for all stakeholders to join efforts to manage unnecessary speculation, which could reverse the positive gains so far achieved.<\/p>\n

Many Ghanaians resorted to walking long distances and riding bicycles to endure the inflationary pressures witnessed in the early months of last year.<\/p>\n

Some people had to park their private vehicles and used commercial ones (trotro) to and from work while others used their private vehicles for commercial purposes, especially after work.<\/p>\n

Businesses were also affected by the inflationary pressures, as the hikes in the prices of goods and services led to a reduction in capital, affecting the profit of both small, medium, and large companies.<\/p>\n

This made traders, led by GUTA, closed down shops in October 2022, in protest of the rise in inflation, depreciation of the Cedi and high lending rate due to increase in the policy rate by the BoG, but reopened two days later.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. The Ghana Union of Traders\u2019 Association (GUTA) has asked traders across the country to reduce their prices to reflect the current downward trend in inflation and exchange rates. The year-on-year inflation, which was 54.1 per cent in December of 2022, has seen three consecutive reductions in 2023 \u2013 53.6 per cent for […]<\/p>\n","protected":false},"author":84,"featured_media":39750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-39751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nReduce prices \u2013 GUTA urges traders - Ghana<\/title>\n<meta name=\"description\" content=\"The Ghana Union of Traders\u2019 Association (GUTA) has asked traders across the country to reduce their prices to reflect ...The Ghana Union of Traders\u2019 Association (GUTA) has asked traders across the country to reduce their prices to reflect ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/reduce-prices-guta-urges-traders\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reduce prices \u2013 GUTA urges traders\" \/>\n<meta property=\"og:description\" content=\"The Ghana Union of Traders\u2019 Association (GUTA) has asked traders across the country to reduce their prices to reflect ...The Ghana Union of Traders\u2019 Association (GUTA) has asked traders across the country to reduce their prices to reflect ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/reduce-prices-guta-urges-traders\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-14T06:23:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-14T08:16:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/04\/postQueueImg_1681437270.80.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/reduce-prices-guta-urges-traders#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/reduce-prices-guta-urges-traders\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Reduce prices \u2013 GUTA urges traders\",\"datePublished\":\"2023-04-14T06:23:38+00:00\",\"dateModified\":\"2023-04-14T08:16:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/reduce-prices-guta-urges-traders\"},\"wordCount\":448,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/reduce-prices-guta-urges-traders#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/04\/postQueueImg_1681437270.80.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/reduce-prices-guta-urges-traders#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/reduce-prices-guta-urges-traders\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/reduce-prices-guta-urges-traders\",\"name\":\"Reduce prices \u2013 GUTA urges traders - 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