The Ashanti regional chairman for the Ghana Union of Traders Association (GUTA) Mr Anthony Oppong has said that recent monetary policies introduced by the Bank of Ghana have exacerbated an already harsh economic environment while doing nothing to halt the inflation.
Speaking on Asanteman Dawuro on Asanteman fm with Sir Mike,he spoke about the effects of the policy rate increment and stated that the policy rate hike has rather worsened the inflation situation.
He explained that the hike in monetary policy has significantly affected the cost of duties and other taxes at the port due to the fact that they pegged against the exchange rate.
With the cedi fast depreciating and the Bank of Ghana failing to stabilize the currency,cost of import duties have shot up because “the Bank of Ghana rate that they give to customs have increased forcing the inflation that they are talking about ”
Speaking on the issue of black market,he indicated that “people are shying away from the main stream banks and doing business with the black markets”.
Story filed by Barbara Koranteng.