The Ghana Chamber of Commerce and Industry expressed skepticism regarding the impact of the 10% reduction in transport fares on businesses, considering it to be insufficient.
Following a series of minor decreases in fuel prices, the reduction in fares will affect various modes of transportation including shared taxis, intra-city, intercity transportation, and haulage, as stated in a Monday night statement by the GPRTU.
Mark Badu Aboagye, the Chief Executive Officer of the Ghana Chamber of Commerce and Industry, shared his thoughts on the matter during an interview with Citi Business News.
He stated that the reduction is unlikely to result in significant price reductions for goods and services. According to Aboagye,
“This reduction is not substantial enough to bring about a noteworthy decrease in prices of goods and services.”
He further explained, “The reduction is contingent upon several factors. The positive news is that the IMF deal is pending approval, which may lead to stability in the foreign exchange market. Additionally, we anticipate a drop in inflation, and hopefully, the Central Bank will respond by reducing their policy rate, resulting in lower lending rates. Only if all these factors align can we expect a reduction in prices of goods and services.”