The Ghana Union of Traders Association (GUTA) has urged the Ministry of Finance to outline measures to stabilize the Ghana cedi against major currencies as it prepares to present the mid-year budget to Parliament on Tuesday, July 23, 2024. Apexnewsgh reports
GUTA’s concerns center on the cedi’s decline and its impact on their operations and the overall economy.
In an interview with media, GUTA President Dr. Joseph Obeng highlighted the challenges faced by the business community, including high costs of doing business, numerous taxes, and clearance issues at the ports. He emphasized the need for measures to sustain and stabilize the cedi, citing its depreciation as a hindrance to business growth and forecasting.
However, Deputy Finance Minister Dr. Alex Ampaabeng has hinted that the government may review its expenditure downward in the mid-year budget. This comes after the World Bank cautioned the government against undertaking unbudgeted expenditure during this election year, warning that it could derail Ghana’s economic recovery.
Economist at the World Bank, Kwabena Gyan Kwakye, noted that historical data shows a pattern of overspending during election years, followed by a reduction in subsequent years. He questioned what would happen in 2024, suggesting that the government should prioritize fiscal discipline to ensure economic stability.
As the Ministry of Finance prepares to present the mid-year budget, GUTA’s call for measures to stabilize the cedi and the government’s potential expenditure review highlight the need for a balanced approach to economic management.
The business community and stakeholders will be watching closely to see how the government addresses these concerns and ensures a stable economic environment for growth and development.
Source: Apexnewsgh.com
Thanks for reading from Apexnewsgh as a news publishing website from Ghana. We encourage you to freely share this story via social media platform and follow us on; Facebook on APEXNEWSGH-Tv or Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0248250270/0256336062
