The Ghana Union of Traders Association, GUTA is urging the government to continue to work hard to bring down inflation.
Inflation for March dropped to 45 per cent after recording 53 .2 in the past month.
Though the rate seems to be moving down for the past three months, GUTA believes there is a need for it to move further.
Dr Joseph Obeng, GUTA President said this feat when achieved will go a long way to affect the turnovers of businesses as it will reflect in the purchasing power of consumers.
” Inflation has been a problem for businesses because our turnovers are curtailed when there’s a high rate of inflation. It means that we are unable even to service our loans and all that.
Ability to sell because of the low purchasing power of the consumer we are unable to sell as we should and that’s what’s leading to the destruction of businesses.
So when we’re fighting inflation it’s very important for all of us. That’s why we are urging the government to continue in its efforts and take advantage of the reduction of the exchange rate to further reduce inflation and other costs of doing business in the country,” Mr Obeng said.
He, however, appealed to the Customs Division of the Ghana Revenue Authority to fine-tune the Customs evaluation rate to reflect the billing inter banks’ rates as released by the Bank of Ghana.
