Business community hints on price hikes

The Joint Private Sector Business Consultative Forum on Monday called on government to expedite action on the stabilisation of the Cedi to ensure survival of businesses.

The forum said more than 70 per cent of indigenous businesses risk collapsing by October this year, if the current trend was not reversed.

In a statement signed by Alfa Shaban, the General Secretary for Ghana Union Traders Associations, on behalf of the Forum, said it was regrettable that the Cedi depreciated by 100 per cent from 2014 to 2015.

The statement said: "In 2014, the Cedi began with GH¢2.20 per dollar and now one dollar is equal to GH¢4.40, which is not good for our businesses."

The statement said under the circumstances, the Business Community had no other option than to adopt a formula that would step up the prices of goods and services, just as the transport sector and other areas have embarked on.