GUTA Predicts This Year’s Christmas Will Be Affected By Current Economic Hardships In Ghana
- The Ghana Union of Traders Association has predicted that this year’s Christmas festivities will not be enjoyable
- The President of GUTA said the current economic crisis will affect the purchasing power of consumers
- GUTA also added that the depreciation of the cedi is having a negative toll on their businesses
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find “Recommended for you” block on the home page and enjoy!
The Ghana Union of Traders Association (GUTA) has predicted that the current economic crisis will negatively impact this year’s Christmas festivities.
The current economic challenges in the nation, which have resulted in a lack of money in the system, will influence consumers' purchasing power as well as traders' routine business operations, according to Dr Joseph Obeng, president of GUTA.
Speaking in an interview on Accra-based Joy News, Dr Obeng explained that the current economic woes, if not curbed, will collapse their businesses.
China Mall: Ghana Revenue Authority clamps down on shopping centre for failing to fix electronic VAT system
“[The situation] is affecting us badly. It’s so negative on our businesses to the extent that we cannot even do the volumes that we normally do for Christmas because our capital has already dwindled, it has been so depleted that we cannot do the same volumes. Our businesses are collapsing so Christmas as you mentioned, will not be the same as the previous Christmas because the money is simply not there”, he said.
PAY ATTENTION: Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!
The comments of Dr Obeng come in the wake of recent agitations by traders across the country who are lamenting the economic challenges made worse by the cedi-dollar depreciation.
With the cedi breaking the GH¢11 mark, some analysts fear its repercussions on the economy and for business owners who are now running at losses.
2022 Budget: Increase Taxes On “Sinful” Products – GUTA President
Cedi-Dollar depreciation: $1 breaks GH¢11 mark as local currency loses ground against all major trading currencies
Earlier, YEN.com.gh reported that GUTA had pleaded with the Akufo-Addo-led administration not to change the policy on the 50% drop in the 2022 national budget statement benchmark value.
The policy was introduced to protect the importer community from high import taxes, expensive port fees, and penalties.
Any attempt to alter the policy will spell doom for enterprises in the country, especially the trading community, according to Dr Joseph Obeng, president of GUTA. He claims that firms are in considerable hardship and find it impossible to operate.
New feature: Сheck out news that is picked for YOU ➡️ find “Recommended for you” block on the home page and enjoy!