The Ghana Union of Traders Association (GUTA) is calling for a sharp cut in bank lending rates and taxes as the government prepares the 2026 budget.

The traders’ group noted that high interest rates continue to push up the cost of doing business, despite recent drops in inflation and the Bank of Ghana’s policy rate.

GUTA’s Public Relations Officer, Joseph Paddy, is advocating for a fixed gap of no more than 5–6% between the policy rate and lending rates, as well as a review of high port charges that hinder tax compliance.

“We’ve seen the policy rate dropping, we’ve seen inflation dropping, but we’re still not seeing this growth reflected in interest rates, which keeps the cost of doing business high. We propose that regulators set a clear margin between the policy rate and interest rates, say, not more than 5% or 6%. We also want port charges reviewed, as these make it difficult for businesses to comply with the tax regime,” he said.

Cedi depreciates slightly to sell at GH¢10.60 to a dollar on interbank market

The Finance Ministry is currently receiving budget proposals from businesses, professional bodies, civil society, and the public ahead of the August 29, 2025, deadline.

The final budget is expected to be presented to Parliament on November 15, 2025.

Meanwhile, the Association of Ghana Industries (AGI) is also pushing for targeted tax breaks, holidays, and access to cheaper financing to help drive the government’s 24-hour economy program.

DR/MA

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