The Traders Advocacy Group Ghana (TAGG) has highlighted capital losses as a major obstacle for businesses in the country, particularly those into importation of goods.
In a press release signed by its president, Kwadwo Amoateng, TAGG lamented that the cost of doing business has risen sharply; making it challenging for traders to import goods.
“Price increases are not our fault,” said Mr. Amoateng. “The cost of doing business has escalated astronomically, and traders are unable to travel or import goods because of capital losses.”
According to TAGG, imported goods are essential as Ghana does not have the capacity to produce all the products needed in the country. The group added that over 60 percent of the nation’s need for goods is provided through importation.
“The importation of goods is necessary because some goods cannot be produced in Ghana. This is something we are all aware of. In this context, questions about imports and trade facilitation in the country with relation to everyday transactions like buying and selling will surely be raised,” Mr. Amoateng stated.
TAGG added: “Ghanaian traders should disregard groups that issue orders without taking into account the trader’s perspective on the facts that are to be avoided,” the group said. “Retailers do not need to reduce their prices and run the risk of capital loss because the inflation rate is declining. There are many factors, not just one, influencing the drop in capital loss.”
It also advised government to take steps to ease the cost of doing business in the country, as this is crucial in bringing belief to the business community and consumers.
In the past few years, traders – just like other businesses – have had to contend with a high inflation rate, which affects their ability to import goods and keep prices low.
TAGG is of the view that there should be a more comprehensive approach to addressing the challenges faced by traders in the country – including the implementation of policies which promote trade facilitation and the creation of an enabling environment for traders to thrive.