GUTA, GREDA rank elements that feed into high cost of goods
The Ghana Union Traders Association (GUTA) along with the Ghana Real Estate Developers Association (GREDA) and CUTS International, have shared views on the elements that feed into high cost of goods on the Ghanaian market.
Speaking in an interview on Citi TV’s Point of View, Vice President of GUTA, Charles Gyan, noted that for him, exchange rates, fuel prices, taxes and the pricing culture of Ghanaians in that order, are major determinants of high cost of goods on the local market.
For Mr Appiah Kusi Adomako who serves as the West Africa Director for CUTS International, exchange rates, pricing culture of Ghanaians, fuel prices, taxes and freight charges are the major determinants of high cost of goods on the local market.
Also speaking on the same show was the Executive Secretary for GREDA, Samuel Amegayibor, who noted that freight charges and international price hikes, are the major elements that feed into cost of imported building materials which result in high cost of buildings in the country.
Driving mainly by the aforementioned factors, cost of goods on the Ghanaian market has seen significant increments which is reflected in the country’s current headline inflation rate of 19.4%.
This has resulted in harsh living conditions for Ghanaians with many calling on the government to do away with some taxes on for instance fuel price, the recently passed electronic transaction levy as well as those on some goods on the market to lessen the tax burden on Ghanaians.
The government has also been called on to stabilise and strengthen the cedi against the US dollar to make imports into the country less expensive for the local market.
