• About
  • Advertise
  • Privacy Policy
  • Contact
Monday, May 16, 2022
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
No Result
View All Result
The Vaultz News
No Result
View All Result

GUTA Calls On Government to Assure Business Community of Value for Money

March 25, 2022
Angeller AshongbyAngeller Ashong
in Vaultz Business
0
President of the Ghana Union Traders Association (GUTA), Dr Joseph Obeng, has called on government to ensure value for money as it issues measures to address the economic situation in the country.

President of the Ghana Union of Traders Association, Dr. Joseph Obeng.

President of the Ghana Union Traders Association (GUTA), Dr Joseph Obeng, has called on government to assure the business community of value for money following its announcement of measures to address the economic difficulties.

Welcoming government’s plans in shoring up the economy considering the economic situation, Dr Obeng revealed that the current times in the country demands a lot of sacrifices. As such, government must necessarily plug all loopholes of wastage in the system. This he explained, will ensure government achieve its target for the country.

 “Then it also satisfies us because it provides comfort for us that the monies that we are paying, the extra duties that we are paying, is not going in vain… What is left for me, is how to ensure value for money, contracts and wastage in the system. We have to be able to identify those areas of wastages and seal it because that has been the bane of this country. We get the money and one contract alone will take it all and without any good job also done. This is the leakages that we have been suffering all the years. I was waiting for the Finance Minister to give us the assurance of how they will manage wastage in the system and even now, [they] should still come out again and assure us of how we will be assured of value for money”.

Dr Joseph Obeng

Dr Obeng indicated that he is happy about the outcome of the Finance Minister’s speech on measures being taken to address the state of the economy as government has demonstrated good fate through its interventions. He noted that despite the fact that businesses are witnessing “increased duties”, government is also making sacrifices by way of “scrapping some of their wages” to sustain the economy.

RelatedPosts

Ghana and Africa Must Industrialize- LMI Holdings

Ghana to host Africa Development Bank’s AGM

Africa Will Take Off Like A Jet if Women Are Empowered- AfDB President

“Once government is sacrificing, then government will take us along; we are not in normal times… And this is the time that we should also do a lot of sacrifices to salvage the economy. So, it’s in time because for government to have given some pronouncement of $2 billion injection into the economy, means that they are whipping up confidence into the system, which eventually is going to stabilize the currency”.

Dr Joseph Obeng

Impact of increase in policy rate on businesses

Commenting on the increase in policy rate by the Bank of Ghana, the GUTA President described as “unfortunate” the Central bank’s decision to have “rushed” into increasing the policy rate. He intimated that the move does not bode well for businesses in the country due to the “high” cost of borrowing.  

“You know the problem of businesses in this country has been that of capital acquisition. It does not augur well for businesses at all”.

Dr Joseph Obeng

Justifying his stance, Dr Obeng pointed out that the Bank of Ghana “rushed” due to certain factors such as “inflationary trends”. He explained that a critical look at the inflationary trend depicts that the push factor for inflation is the depreciation of the cedi.

“So, all that Bank of Ghana should be doing is to make sure that we stabilize the currency so that it will suppress inflation. If you say that you’re going to use the policy rate to mop up excess liquidity in the system, somebody must even ask you where is the excess liquidity when we keep on saying things are hard. So, it’s only going to aggravate the situation… The main thing we should have concentrated on is to ensure that we stabilize the currency and all other things would have followed; the suppression of inflation and all that, so that if we have [a] reverse of the inflation, then there’s no need to increase the base rate”.

Dr Joseph Obeng

READ ALSO: Nserewa Project’ Launched to Support Boost Food Production in Ghana

Tags: Ghana news entertainmentGUTAmonetary policy rate

Send your news stories to [email protected] and via WhatsApp on +233543050759.

Related Posts

Ghana and Africa Must Industrialize- LMI Holdings
Vaultz Business

Ghana and Africa Must Industrialize- LMI Holdings

May 15, 2022
Ghana to host Africa Development Bank AGM
Vaultz Business

Ghana to host Africa Development Bank’s AGM

May 13, 2022
AfDB Approves Historic Strategy for Quality Health Infrastructure in Africa
Vaultz Business

Africa Will Take Off Like A Jet if Women Are Empowered- AfDB President

May 12, 2022
Dr. Bawumia Charges Universities to Find Innovative Solutions to Gov’t Policies
Vaultz Business

Dr. Bawumia Charges Universities to Find Innovative Solutions to Gov’t Policies

May 11, 2022
Chief Executive Officer of the Association of Ghana Industries (AGI) Seth Twum Akwaboah, has stated that the 148% electricity tariff adjustment proposed by the Electricity Company of Ghana is high for industries in the country.
Vaultz Business

ECG Tariff Adjustment: 148% Is Too High For Industries- AGI

May 10, 2022
ECOWAS Bank for Investment Calls for Support for SMEs
Vaultz Business

President of ECOWAS Bank for Investment Calls for Support for SMEs

May 10, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

‘Nserewa Project’ Launched to Support Boost Food Production in Ghana

Next Post

Davido Responds to those Claiming he Can’t Afford Drake’s $3Milliom Necklace

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
McDonald’s to Exit Russia for Good After 30 Years
USA

McDonald’s to Exit Russia for Good After 30 Years

by Edem NyonatorMay 16, 2022
Ashantigold SC, Inter Allies FC Demoted To Division Two For Match Fixing
Sports

Ashantigold SC, Inter Allies FC Demoted To Division Two For Match Fixing  

by Stephen KotochieMay 16, 2022
Fidelity Bank launches ‘Yenko Dubai’ Promo for its agents
Banking

Fidelity Bank launches ‘Yenko Dubai’ Promo for its agents

by Stephen M.CMay 16, 2022
We Need to Identify Ways to Make up for Potential Future Gaps- FAO
Asia

We Need to Identify Ways to Make up for Potential Future Gaps- FAO

by Deborah Dzifah TamakloeMay 16, 2022
Nkoranza Shooting: Albert Was Targeted- Nkoranza MP
General News

Nkoranza Shooting: Albert Was Targeted- Nkoranza MP

by Priscilla KorantengMay 16, 2022
Nollywood actress Dorcas Shola-Fapson(DSF) has been called out by the stylist who dressed her for the just-ended Africa Movies Viewers Choice Awards.
Entertainment

Dorcas Shola-Fapson And Stylist Drag Each Other Over AMVCA Dress Debts

by Dorcas DamehMay 16, 2022
McDonald’s to Exit Russia for Good After 30 Years
Ashantigold SC, Inter Allies FC Demoted To Division Two For Match Fixing
Fidelity Bank launches ‘Yenko Dubai’ Promo for its agents
We Need to Identify Ways to Make up for Potential Future Gaps- FAO
Nkoranza Shooting: Albert Was Targeted- Nkoranza MP
Nollywood actress Dorcas Shola-Fapson(DSF) has been called out by the stylist who dressed her for the just-ended Africa Movies Viewers Choice Awards.
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In