Former Vice President and New Patriotic Party (NPP) flagbearer, Dr. Mahamudu Bawumia, has held discussions with executives and representatives of the Ghana Union of Traders’ Associations (GUTA) on challenges confronting traders and businesses across the country.
The meeting focused on a range of concerns affecting the trading community, including high import duties, escalating demurrage charges, the increase in Value Added Tax (VAT) for informal sector operators to 20 per cent, limited access to loans from the Ghana Export-Import Bank (EXIM Bank), and the growing participation of foreigners in the retail trade sector.
Other issues raised by the traders included the high cost of commercial rent and goodwill payments required for securing shop spaces, which they said continue to place financial pressure on businesses.
Dr. Bawumia described the discussions as insightful and productive, noting that GUTA presented a number of proposals aimed at addressing the challenges facing the sector and improving the business environment.
According to him, the engagement also explored strategies to encourage a shift from an import-dependent economy towards increased local production of goods.
He stressed the importance of supporting domestic manufacturing and creating incentives that would enable traders and entrepreneurs to invest in local production and value addition.
Dr. Bawumia noted that promoting local production would help create jobs, strengthen the economy and reduce reliance on imports.
He expressed appreciation to the leadership of GUTA for the engagement and for presenting practical proposals to improve conditions for traders and businesses.
The meeting forms part of broader stakeholder engagements aimed at identifying solutions to challenges within the private sector and promoting policies that support enterprise growth, job creation and economic transformation.