Tag: GUTA
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Give timelines on no forex directive- GUTA to government
The Ghana Union of Traders Association (GUTA) is asking government to come clear on the timelines in which the directive given for the Bank of Ghana to seize forex support for some food items imported into the country will be implemented. According to him goods which were procured but are yet to arrive in the…
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Trade bodies advocate policy on profit retention by foreigners
Trade bodies in the country have called for what they describe as “a profit retention policy” to regulate how much profit foreign investors repatriate to their home countries. That, they believe, is one of the measures that is needed to be taken to stabilize the cedi against the major foreign trading currencies while re-energizing the…
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GUTA calls for scrapping of benchmark value system
The Ghana Union of Traders Associations (GUTA) is calling for a scrapping of the Benchmark Value system. GUTA argues that now might be the right time to review the benchmark valuation method arguing that it was contrary to the World Trade Organization’s valuations system. This follows reports by GUTA that the Ghana Revenue Authority plans…
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Government must begin pegging of port exchange rate right away- GUTA
The Ghana Union of Traders Associations (GUTA) has indicated that it expects the government to, as soon as possible, begin the implementation of its proposed measures to check the constant hike in port duties in the country. GUTA President Dr. Joseph Obeng stated that it was ‘very welcoming … for which we are very grateful.’…
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Gov’t to maintain forex rate at ports to aid traders – Deputy Trade Minister
The government will maintain a fixed exchange rate at the ports for the next three months to cushion traders who import goods into Ghana, Deputy Trade Minister, Michael Okyere Baafi, has said. The dollar rate will be kept at the same level as the Bank of Ghana’s interbank rate. In a response to the protest…
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Business slows in Accra as traders close shops in protest
The protest by the Ghana Union of Traders Association (GUTA) over Ghana’s forex challenges and the cost of living crisis has been largely met with support from traders. While most of the traders joined the protest by locking their shops, a significant number of traders had opened their shops for trade. At Tudu, for example,…
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GUTA suspends plans to close shops after meeting with Council of State
The Ghana Union of Traders (GUTA) has called off its planned shop closure scheduled for Monday, August 29, 2022. This was after a meeting with the Council of State. GUTA said a joint committee has been set up to look into its concerns. President of the Association, Dr. Joseph Obeng, after the meeting, said the…
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Traders Advocacy Group calls on traders to defy GUTA’s strike directive
The Traders Advocacy Group Ghana is asking its members to disregard directives by the Ghana Union of Traders Associations (GUTA) to close their shops as a measure to drum home their displeasure with the government over the current economic situation. GUTA has instructed its members to act on the 29th of August in a bid…
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Minority, business community react to Ken Ofori Atta’s Midyear budget review
After the Presentation of the Midyear budget review by the Finance minister, Ken Ofori Atta, in parliament yesterday, the minority in parliament and members of the business community have been reacting to portions of the captured policies. This comes at a time when the government is making efforts to get the economy back on track…
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Use 2022 Mid-Year Budget to review tax exemption regime – GUTA
The Ghana Union of Traders’ Association (GUTA) has once again underscored the need for government to review the tax exemption regime to curtail revenue losses, as the Minister of Finance, Ken Ofori-Atta prepares to present the Mid-Year Budget Review on the 13th of July. According to the Association, there is a lack of urgency in…