Business News of 2014-01-14

Prices of GTP increase after Christmas

Prices of most locally manufactured wax prints have increased after the Christmas festivities, Ghana News Agency's visit to some markets places in Accra on Monday revealed.
GNA observed during a visit to the Makola and Tudu markets that half piece of GTP “Nustyle,” which was selling at GH¢45.00 had shot up to GH¢47.00 whilst half piece of “Super Print” which was GH¢ 65.00 now sells at GH¢70.00.
The price of half piece “Vlisco” a Hollandaise cloth during the Christmas festivities was selling at GH¢150.00 but now sells at GH¢170.00.
Mrs Lydia Ampomah, a shop owner at yellow house at the Tudu market told GNA that, sales was good during the Christmas festivities as price stability injected confidence in trading.
Mrs Ampomah noted that the increment of wax prints after the festive occasion had slowed down business.
“Many customers have been here after Christmas to buy clothes because most of them think there has been decrease in prices, but when we tell them the new prices, they turn away,” she said.
Ms Sarah Owusu, a shop keeper at the Makola Market said traders were worried about the increment in prices of wax prints, adding: “but there is nothing we can do about the situation now since it is not our fault.”
Ms Afia Bonsu, another trader at the Makola Market told GNA that, selling of China prints was good business compared to the original ones.
She said most customers prefer to buy China-made prints as it was cheaper than the original, adding that, it had improved business during and after the Christmas festivities.
There was no increment in the China ones, as it was still selling at GH¢ 3.00 for a yard during and after the Christmas festivities.
Meanwhile, other traders attributed the increment in prices to the new Value Added Tax (VAT) and the National Health Insurance Levy (NHIL) to 15 per cent and 2½ per cent respectively from the beginning of the year.