The Ghana Union of Traders Association (GUTA) has criticized government’s failure to announce tax relief and incentives to trading communities in the mid-year budget review and has rubbished government’s claim that it has turned the corner with regards to the country’s economic performance.
Finance Minister, Ken Ofori-Atta on Monday, July 31, 2023 delivering the mid-year budget review of the 2023 budget and economic policy of the Government of Ghana in Parliament, said government has made significant progress in restoring macroeconomic stability leading to the economy showing signs of recovery.
But speaking to Francis Abban on Morning Starr on Starr FM, the President of GUTA, Dr. Joseph Oben said the government must work to reduce high inflation and interest rates for businesses to thrive.
“How can somebody say now things are better whilst the status quo remains. The stability of the Cedi should not be the only measure of success. If we have been able to stabilize the currency and then it is not even sustained what have you achieved? But then, if we have stability and still the cost of doing business is so much and we are not even feeling that stability what have you also achieved?
“All that businesses need is the space to grow, all that businesses need is to be competitive. Now, interest rate is so high, inflation is still high. When inflation is high what it means is that the consuming public cannot buy much as they could buy because their purchasing power has gone down and that one affects our turnover and it not help growth. So, we have to work on all those indicators, inflation should come down drastically, interest rates should come down drastically and the exchange rate must be sustained. When these things happen then we will be on the threshold of growth.”
Source: Ghana/Starr.com.gh/103.5FM