The Ghana Union of Trade’s Associations (GUTA) is calling on policymakers in the goods and services sector to cut down on duty fees for goods, including shipping line charges, transportation costs, and utility tariffs. They attribute the significant rise in the country’s goods to these fees, urging policymakers to reconsider in order to stabilize prices.
Minister of Trade and Industry, K.T Hammond, recently expressed dissatisfaction with increasing prices, particularly focusing on the cost of cement. In a press statement dated January 8, 2024, GUTA clarified their lack of control over pricing in a liberalized economy, emphasizing that businesses independently set prices.
The Association highlights the displeasure businesses have with unpredictable price hikes and attributes rising prices to factors such as high tariffs, shipping fees, transportation costs, and utility tariff regimes. GUTA suggests the minister should have engaged with cement producers before publicly criticizing the price hike.
GUTA warns against creating monopolies or unfair business practices, promising appropriate action against such behaviors. They urge policymakers to address high costs and cut unnecessary expenses to stabilize prices.
Nana Ama Nyamekye/Ahotoronline
