The Ghana Union of Traders Association (GUTA) has assured consumers that it will not rush to raise the cost of goods despite concerns over potential fuel price hikes.
The assurance comes in the wake of escalating tensions in the Middle East following US-Israeli strikes on Iran and Iran’s retaliatory actions.
The International Monetary Fund has warned that global financial markets are already experiencing renewed volatility, as disruptions to trade flows push up energy prices worldwide.
Speaking to Citi News, GUTA President Clement Boateng said the association will adopt a cautious, wait-and-see approach before adjusting prices in the local market.
“We are all observing things as to how it will go. If we are not lucky and it travels much longer, then we will make decisions regarding a price increase.
“For now, nobody is saying he or she is going to increase prices because we have not seen any price increase, fuel increase, or shortage of goods. It will be premature to say we are going to increase prices,” he said.
Mr. Boateng’s statement comes as consumers and businesses closely monitor international developments for potential impacts on Ghana’s economy.
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