Market participants have been advised to think about improving their pricing strategies so that consumers may purchase goods and services at prices they can afford in order to boost consumer confidence in the economy.
Real GDP growth in Ghana has slowed down in 2022 as a result of rising inflation, stricter monetary policy, a weakening currency, and skyrocketing food and service prices.
Members of the trade committee of the parliament asked them to look into ways to stabilize the prices of products and services in light of this.
After meeting with representatives of the Ministry of Trade and Industry, the Ghana Chamber of Commerce, the Ghana Union of Traders Association (GUTA), and the Association of Ghana Industries (AGI), the Chairman of Parliament’s Trade and Industry Committee, Carlos Ahenkorah, said the following to reporters: “Is an engagement of all people in the trade and manufacturing sector to see how we can fashion a solution to what is happening in Ghana, we have heard from ou. These people were clearly enraged and wanted to express their rage.
We have listened to them, they have listed a number of issues they are having, and they have offered answers. We are going to compile this information into a position paper and bring it to the government through parliament to see if we can reach an accommodation.
On their end, we’ve urged them to consider how they can relieve the burdens of the Ghanaian people by attempting to keep market prices stable for a little while longer, considering how their actions might affect people’s lives, and making sure their products and sales practices don’t put undue pressure on consumers.
The topic of hoarding and profiteering was raised, but the market participants denied any wrongdoing on their side.
The meeting, according to GUTA President Dr. Joseph Obeng, was “far overdue” and “ought to be at a round table to propose solutions to the dilemma that we find ourselves in for the betterment of the country.”
He continued by insisting that people must let go of certain policies that may not be in their best interests in order for the country to advance. “We are considering diversifying trade and amending investment regulations to prevent an excessive influx of foreigners in the trading arena that would undermine domestic initiatives and manufacturing endeavors.”
Dr. Humphrey Ayim-Darke, President of the Association of Ghana Industries (AGI), welcomed the engagement but underlined that it needed to be properly structured on a regular basis.
Additionally, he said that any policy that is developed should be subject to wider input because he believes this will be to everyone’s advantage. “We need to move beyond the formulation of policies and see a clear plan from the parliamentarians who represent us, including the NDPC, the Ministry of Finance, and the Executive. We should place our attention on the national good as a whole rather than any document that the party manifesto is based on.
Fiscal strains are still very severe. The budget deficit for the first half of 2022 was 5.6 percent of GDP, far higher than the 3.9 percent target.
Due to the flagship e-delayed levy’s introduction and difficult deployment, revenues underperformed. By the end of June 2022, interest payments had increased to 54.4 percent of first-half revenue and state debt had grown to 78.3 percent of GDP.
Source: newsthemegh.com