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Business News of Thursday, 2 July 2020

Source: 3 News

GUTA increases prices due to coronavirus

The National Organizer of the Ghana Union of Traders Association (GUTA), Clement Boateng, has revealed the Union will be increasing prices of goods in the country.

He said there is shortage of goods in the country as a result of the restrictions on travels abroad as part of efforts to mitigate the spread of coronavirus.

Mr. Boateng explained to Alfred Ocansey on 3FM’s Sunrise that the exigencies of Covid-19 coupled with the forces of demand and supply will push prices up across the globe.

“You will bear with me that this Covid-19 has had a very negative impact on businesses worldwide, Ghana is no exception.

“Regarding increases of prices that GUTA has come out with, currently we are experiencing shortage of goods and as everybody knows, in economics there is something known as demand and supply,” he said.

He added that it has become extremely difficult for members to get goods into the country, except for a privileged few who he says have connections.

“If we are facing shortage of goods because currently nobody can travel to bring in goods, it is only people who have direct connections with factories that are able to get a little bit of supplies. A chunk of our members do consideration,” he explained.

“So it is those few people who have connections with factories and because of the volumes that they buy from the factories, the factories can still supply them. They are those that have a little bit of stock but the majority don’t have anything in their shops at all and that has contributed to this prices hikes that we are talking about. It is not our fault; it is the situation,” he added.

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