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GUTA urges government to strengthen economic stability in 2024

The Ghana Union of Traders Association, (GUTA), has urged the government to ensure, that the economic stability gained in 2023 is made stronger in 2024.

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The Ghana Union of Traders Association, (GUTA), has urged the government to ensure, that the economic stability gained in 2023 is made stronger in 2024.

President of GUTA, Dr Joseph Obeng said this would help make businesses buoyant and expand to employ more youth.

In an interview with the GNA, Dr. Obeng said once there is economic stability, traders would pass on the gains to consumers, by making things in the market affordable.

He insisted, that the 26.4 per cent inflation rate for November 2023, should not only be maintained, but be improved, and the stability of the local currency sustained.

He said the business community would not want to experience the conditions of businesses in the last quarter of 2022, “because 2023 was comparatively good, as the currency was fairly stabilized and inflation reduced.

Dr Obeng also urged government to increase efforts in getting the second tranche of 600 million dollar from the International Monetary Fund (IMF) to support the stability process.

He called for a conscious effort to invest and ensure, that industries operated in an environment that would make them produce more at affordable prices and competitive for both local consumption and export.

He said achieving that would require, that taxes are made business-friendly, and mechanisms put in place to reduce the cost of doing business in the country.

In addition to that, there should be retention policies to control repatriation of profit by foreigners in the Ghanaian oil and gas, mining, and communication industries. He advised the government to be mindful, that 2024 is an election year, and must work to control expenditure.

SOURCEGNA
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