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Business News of Tuesday, 10 March 2020

Source: www.ghanaweb.com

GUTA cautions price hike of commodities imported from China


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The Ghana Union of Traders Association (GUTA) says it might be compelled to increase the price of imported goods from China as the spread of the novel coronavirus continues to slow down trading activities.

According to the President of GUTA, Dr Joseph Obeng, prices of goods are likely to increase due to shortage as the spread of the virus has directed many of its members to opt for other trading routes like Dubai and Turkey for trade.

“For now, I cannot say it has actually affected prices, but we are anticipating that from May if the situation persists then we are going to suffer some kind of shortage which will definitely impact on the prices” he cautioned in an exclusive interview with GhanaWeb.

Dr. Obeng added, “most of our people, who normally travel, do a physical inspection and buy their goods in the open markets; they are not doing that now, they can’t even do that. Now most of them have turned to Dubai where prices have started going up and they are also expecting shortage in the next month or two. For those of us who even deal with the manufacturing entities, now they can’t produce in time. If they used to produce in a month, now they will tell you in two months because of the challenges that they are also facing as a result of the outbreak in their country. So definitely, if there is a shortage it will impact the prices.”

Earlier last week, GUTA in a statement appealed with banks to find a way of alleviating the plight of those who may have borrowed money from them following the spread of the novel Coronavirus from China that has interrupted global trade.

The association indicated that majority of its small-scale business owners cannot turn over their capital at the moment emanating from delay in manufacturing in China.

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