GUTA tasks government to stabilize the cedi

The President of the Ghana Union Of traders Association Dr. Joseph Obeng is appealing to government to stabilize Ghana’s currency to make business enjoyable for traders this year.

According to him, traders lose millions of cedis when the dollar keeps appreciating against the local currency, adding that prices of goods automatically shoot up when the dollar keeps gaining more strength over the cedi.

In an exclusive interview with Kasapa News, Dr. Obeng said traders are uncomfortable when prices of goods increase but have no option especially when they are losing millions of cedis.

Commenting on the Common External Tariff (CET), the new President urged government to quickly put on hold operations of the CET in Ghana since traders are currently facing a lot of challenges.

“It shouldn’t be difficult for a government to say that I will defer because of the problems that my country is facing so that we can do it another time. Government must listen the cry of its people if the CET is not helping”, he indicated.

He said some of the tariffs are unbearable and therefore a quick look at it will be of great help.

Dr. Obeng said the CET is a good move since it is one of the main instruments that the West African regional body ECOWAS can use to foster regional integration but added that some of its tariffs must be given a second look.

The Common External Tariff is one of the instruments of harmonizing ECOWAS Member States and strengthening its Common Market. Article 3 of the ECOWAS Revised Treaty defines the aims of the community as promoting “co-operation and integration, leading to the establishment of an economic union in West Africa.

The law is composed of four tariff rates of custom duty, they are Basic raw materials and capital goods, 5% with a tariff line of 2146, Intermediate goods, 10% with a tariff line of 1373, Final consumer goods, 20% with a tariff line of 2165 and specific goods for economic development with a tariff line of 130.