The President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has urged the government to take decisive action and present steps towards stabilizing the cedi.
According to Dr Obeng, a sustained stabilized cedi would be beneficial for local businesses and promote economic growth.
“We do not accept 23 per cent as an inflation rate or even 29 per cent as the monetary policy rate, we think that we can still do better and these are the areas we want the government to show interest in so we can bring these positive indicators to enhance on them so they can trickle down to the business community,” Dr Obeng said.
He also recommended that the government navigate the International Monetary Fund program well to expedite the arrival of the third tranche of monetary aid.
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“The stabilization of the currency in particular and how are we going to sustain it. That is why we are calling on the government to navigate well the IMF program so we do not have delays in the third tranche where it can come in early and stabilize these things,” he added.
Dr. Obeng emphasized the importance of the government in providing incentives to support the growth of the local business community. He expressed concerns regarding the increase of foreign businesses in strategic trading sectors and called on the government to enhance measures to promote the development of local businesses.