Monday, February 6, 2023
Rainbow Radio
  • Home
  • General News
  • Governance
  • Sports
  • Politics
  • Health
  • Entertainment
  • Economy
  • Home
  • General News
  • Governance
  • Sports
  • Politics
  • Health
  • Entertainment
  • Economy
No Result
View All Result
Rainbow Radio Online
Home Business

Blame the Russia/Ukraine war, benchmark value, and the exchange rate for the increase in the prices of goods- GUTA

May 12, 2022

The Ghana Union of Traders has maintained that the continuous rise in the prices of commodities is not deliberate.

President of GUTA, Dr. Joseph Obeng says the rise in prices has been largely affected by both internal and external factors.

RelatedPosts

The law will deal with you ruthlessly if you evade taxes – GRA to business owners

Five branch managers of Koala, Max Mart and The Palace Mall arrested over alleged tax breaches

Importation of pork from the USA will collapse Ghana’s poultry industry – Association

He explained on Frontline on Rainbow Radio 87.5Fm that we cannot rule out the impact of the Russia and Ukraine war.

He said ”the war has affected trading activities severely. It has increased the price of petroleum products. We cannot rule out the impact of the war”.

The effect of Covid-19 he added has also increased the cost of trading activities, especially the cost of shipping saying, it has increased by almost 500% in recent times.

On the internal factors, he stated the decision by the government to review the benchmark value since it affected duty.

The exchange rate, he noted, has also contributed to the cost of the business in the country.

”These factors are manifesting in the price of goods. VAT has moved from a flat rate of 4% to 12.4%. All these things have affected the price of goods, and so we cannot be blamed. It is not deliberate,” he told host Kwabena Agyapong.

When asked if the situation was unprecedented, he disagreed, adding that we saw in the past a situation where Archbishop Nicholas Duncan Williams prayed for the cedi to rise because it was depreciating against the dollar.

By: Rainbowradioonlin.com/Ghana

ShareTweetShareShare

Related Posts

GRAA

The law will deal with you ruthlessly if you evade taxes – GRA to business owners

February 2, 2023
Screenshot_20230202-133932

Five branch managers of Koala, Max Mart and The Palace Mall arrested over alleged tax breaches

February 2, 2023
1517931856-18-porkland

Importation of pork from the USA will collapse Ghana’s poultry industry – Association

February 1, 2023
GRAA

Managers of Max Mart, Palace Mall, Second Cup Coffee arrested for bypassing E-VAT System

January 31, 2023
Ken-Ofori-atta-1-600x375

Deadline for debt exchange programme extended to Feb 14 with revised terms

January 31, 2023
z4555

Deploy experts to explain the debt exchange programme to Ghanaians – Prez told

January 31, 2023

Recent News

murder

Kumasi: 21-year-old man allegedly kills 60-year-old woman

February 6, 2023
Muntaka

Let’s move forward and work towards victory 2024 – Muntaka says after speaking with Mahama

February 6, 2023
Electoral_Commission_of_Ghana_logo

EC unable to pay electricity bills, outstanding bills for logistics, administrative releases delayed -Senior Staff

February 6, 2023
CHRISTIAN-ATSU

Christian Atsu trapped under rubble after an earthquake in Turkey.

February 6, 2023
  • Trending
  • Comments
  • Latest
qz

The appreciation of the cedi against the dollar will be short-lived so don’t over jubilate – Haruna to gov’t

December 17, 2022
z455

Bui Power Authority calls for partnership to do more on climate change program at COP27

November 22, 2022

Rainbow Radio expands its platform presence on 92.4Fm in UK

September 5, 2022
zz

Family of Asuma Banda calls on Prez, Mahama, Chief Imam to intervene so their brother is sent to Kintampo

December 7, 2022

Hello world!

murder

Kumasi: 21-year-old man allegedly kills 60-year-old woman

travel4

Washington prepares for Donald Trump’s big moment

travel1

CS:GO ELeague Major pools and tournament schedule announced

murder

Kumasi: 21-year-old man allegedly kills 60-year-old woman

February 6, 2023
Muntaka

Let’s move forward and work towards victory 2024 – Muntaka says after speaking with Mahama

February 6, 2023
Electoral_Commission_of_Ghana_logo

EC unable to pay electricity bills, outstanding bills for logistics, administrative releases delayed -Senior Staff

February 6, 2023
CHRISTIAN-ATSU

Christian Atsu trapped under rubble after an earthquake in Turkey.

February 6, 2023

Stay Connected test

  • 121 Followers
  • 20.2k Followers
  • 185k Subscribers
  • 23.7k Followers
  • 99 Subscribers
Rainbow Radio Online

© 2022 Rainbow Radio International

Navigate Site

  • General News
  • World
  • Sports
  • Business
  • Entertainment
  • Politics
  • Health
  • Opinion
  • Economy
  • Odd News
  • Culture
  • Lifestyle
  • Lifestyle
  • Governance
  • Technology

Follow Us

No Result
View All Result

© 2022 Rainbow Radio International

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version