The Minister of Trade and Industry has held a crucial meeting with leaders of the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverages Association of Ghana (FABAG) to address growing concerns over the sharp rise in prices of goods and services.
The meeting aimed to foster collaboration between government and industry players to find lasting solutions to economic challenges impacting both businesses and consumers.
Currency Depreciation and Operational Costs: AGI pointed out that the continuous fall of the cedi has led to increased costs for manufacturers, especially those dependent on imported inputs. This has contributed to recent hikes in prices of products, including essentials like cement.
Reducing Import Dependence: AGI urged the government to support the local production of raw materials to cut down on imports. They believe this will ease pressure on the cedi and contribute to long-term economic resilience.
Concerns Over the New Shipping Law: Stakeholders discussed the recently amended Ghana Shippers' Authority law. AGI and others welcomed the move to regulate port charges, but GUTA raised concerns about limited consultation and the potential financial burden on businesses.
Debate on Proposed Import Restrictions: The Trade Ministry's planned Legislative Instrument to restrict certain imports drew mixed reactions. AGI backed the proposal, seeing it as a way to protect local industries. However, GUTA and FABAG warned it could negatively affect business operations and raise consumer costs.
The meeting ended with a commitment to continued dialogue and cooperation, with all parties agreeing on the need for inclusive policies that stabilize prices and support economic development.
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