GUTA Archives - Page 3 of 4

10 Jan

GUTA Welcomes Ofori-Atta’s Interim Appointment To Trade Ministry

wontumionlineBusinessGhana Union of Traders Associations, GUTA

The Ghana Union of Traders Associations (GUTA) has welcomed the announcement of Finance Minister Ken Ofori-Atta as caretaker minister for the Ministry of Trade and Industry. President of GUTA, Dr Joseph Obeng believes with the support of the deputy ministers, work in the ministry should be able to progress steadily. “I think it’s in good order especially when we are very accessible to the Finance Minister. We believe that it’s not going to pose any problem at all, especially when we have very hard-working deputies. We believe that with their assistant to the finance ministry, things will improve further”. Commenting…

04 Jan

GUTA Calls For Total Reform In VAT Implementation

wontumionlineBusinessGhana Union of Traders Association, GUTA

The Ghana Union of Traders Association (GUTA) has called for a total reform in the implementation of the Value Added Tax (VAT) to enhance compliance. GATU’s call follows the implementation of the increase in the VAT rate from 12.5% to 15% effective January 1, 2023. Finance Minister, Ken Ofori-Atta had indicated that the increase is expected to yield GH¢2.70 billion, which will be used to augment funding for road infrastructure development. GUTA however warns that failure to reform the system may not yield the expected results. In an interview with Citi News, the President of GUTA, Dr. Joseph Obeng said…

12 Dec

GUTA Urges Members To Adjust Prices As Cedi Stabilises

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The Ghana Union of Traders Associations (GUTA) has appealed to its members to adjust the prices of goods and services in accordance with recent stability of the local currency. According to the leadership of GUTA, recent efforts by government and the Bank of Ghana have seen a stability in the Cedi. “We urge the Government to continue with more efforts to sustain the program and bring relief to the business community,” a statement issued over the weekend by President Dr Joseph Obeng said. “As the value of the Cedi begins to appreciate, GUTA wishes to appeal to members of the…

01 Dec

Trade Leaders Describe Move To Withdraw Forex Support On Selected Imports As Rushed

wontumionlineBusinessForex, Ghana Union of Traders Association, GUTA

Three trade leaders including the president of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng; the West African Regional Director of CUTS International, Mr. Appiah Kusi-; and Executive Director of the EXIM Frozen Foods Association-Ghana, Michael Obiri-Agyei, have described the central bank’s current policy as a rushed one. To them, they disagree with the new policy indicating the Bank of Ghana’s withdrawal of forex support for the importation for selected products identified as non-critical. The central bank will no longer provide forex support for the import of rice, poultry, vegetable oils, toothpicks, pasta, fruit-juice, bottled water, ceramic tiles…

25 Nov

There’ve Been No Effort From Gov’t To Engage Traders On Import Substitution- GUTA Laments

wontumionlineFeatured, News, TrendingGUTA, import substitution, Mr. Benjamin Yeboah

The National Treasurer for Ghana Union Traders Association (GUTA), Benjamin Yeboah, has accused government of not making a deliberate effort to synchronize the trades union and the trade ministry unto a single platform to promote exportation. He revealed on Movement in the morning show on Wontumi Radio/Movement TV that GUTA recently held a meeting with the Ghana Export Promotion Authority to discuss what opportunities are available to support the government's import substitution by promoting exportation. He told Kwaku Dawuro that "as traders, all we care about is to get goods and sell for profit, hence do not necessarily focus on…

04 Nov

GUTA Warns Of Possible Shortage Of Goods, Items During Christmas Season

wontumionlineBusinessGUTA

The Ghana Union of Traders Association (GUTA) has hinted of a possible shortage in items and goods as the country heads into the festive period in December. According to the Public Relations Officer of the Union, Joseph Paddy stated the recent economic challenges in the country have since resulted in less import activity at the ports. He attributed the development to the increasing cost of duty and freight charges occasioned by the persistent depreciation of the cedi against the US dollar. “Containers that are coming out of the port are nothing good to write home about. People are not importing,…

01 Nov

Closure Of Shops Contributed To High Inflation – CIMG President Criticise GUTA

wontumionlineBusinessCIMG, GUTA

The President of the Chartered Institute of Marketing Ghana (CIMG), Dr Daniel Kasser Tee, has said the move by members of the Ghana Union of Traders Associations (GUTA), to close shops to protest rising inflation created artificial shortage of goods in the market. He said such artificial shortages make a huge contribution to the same inflation they seek to protest. “By closing the shops, GUTA is, therefore, also making significant contribution to inflation but will turn round to government, demanding that inflation be brought down,” he said Dr Tee added that, “So, we end up hurting our own businesses because…

26 Oct

GUTA Calls For Scrapping Of Benchmark Value System

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The Ghana Union of Traders Associations (GUTA) is calling for a scrapping of the Benchmark Value system. GUTA argues that now might be the right time to review the benchmark valuation method arguing that it was contrary to the World Trade Organization’s valuations system. This follows reports by GUTA that the Ghana Revenue Authority plans to increase the benchmark values at the ports soon. President of GUTA, Dr Joseph Obeng believes such a move is counterproductive as it will further worsen the economic situation in the country. ‘If you say you are going to increase the benchmark value again then…

20 Oct

IGP Tours Accra As Traders Close Shops Over Inflation

wontumionlineBusinessGUTA, IGP

The Inspector-General of Police (IGP) Dr George Akuffo Dampare has toured the central business district in Accra to boost security for members of the Ghana Union of Traders Association (GUTA) as they close their shops to protest high cost of doing business. The police chief met with some of the striking traders at Opera Square and later moved to the vehicle spare parts hub of Accra – Abossey Okai – to assess the situation. The group described the industrial action, which will end on Monday 24 October as a “pinch” on government to urgently address the depreciating cedi, high-interest rate and inflation.…

19 Oct

GUTA Partly Blames Government Over Dollarization

wontumionlineFeatured, News, TrendingCEDI, dollar, GUTA

The Ghana cedi has lost its weight against the US dollar, and this according to the Ghana Union of Traders Association (GUTA) has blamed government for partly contributing to the depreciation of the cedi which stands at 3.3% to the dollar. Speaking on Movement In The Morning Show, the Greater Accra Chairman For GUTA, Nana Kwabena Pepprah said high dollarization is affecting their businesses. ‘’The cedi is always depreciating because every item purchased or service rendered is charged in dollar, from renting a house, a hotel to buying a land. We need to bring this to an end- but we…