Blame the Russia/Ukraine war, benchmark value, and the exchange rate for the increase in the prices of goods- GUTA

The Ghana Union of Traders has maintained that the continuous rise in the prices of commodities is not deliberate.

President of GUTA, Dr. Joseph Obeng says the rise in prices has been largely affected by both internal and external factors.

He explained on Frontline on Rainbow Radio 87.5Fm that we cannot rule out the impact of the Russia and Ukraine war.

He said ”the war has affected trading activities severely. It has increased the price of petroleum products. We cannot rule out the impact of the war”.

The effect of Covid-19 he added has also increased the cost of trading activities, especially the cost of shipping saying, it has increased by almost 500% in recent times.

On the internal factors, he stated the decision by the government to review the benchmark value since it affected duty.

The exchange rate, he noted, has also contributed to the cost of the business in the country.

”These factors are manifesting in the price of goods. VAT has moved from a flat rate of 4% to 12.4%. All these things have affected the price of goods, and so we cannot be blamed. It is not deliberate,” he told host Kwabena Agyapong.

When asked if the situation was unprecedented, he disagreed, adding that we saw in the past a situation where Archbishop Nicholas Duncan Williams prayed for the cedi to rise because it was depreciating against the dollar.


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