GUTA assures public of stable prices despite middle East tensions

The Ghana Union of Traders Association (GUTA) has assured consumers that traders will not rush to increase the prices of goods despite concerns about possible fuel price hikes.

The assurance follows rising tensions in the Middle East after military strikes involving the United States and Israel against Iran, and Iran’s subsequent retaliatory actions, developments that could affect global energy prices.

The International Monetary Fund has already warned that global financial markets are experiencing renewed volatility as disruptions in trade flows begin to push energy prices higher.

Speaking to Citi News, GUTA President Clement Boateng said the association is closely monitoring the situation and will adopt a cautious approach before making any decisions that could affect prices in the local market.

According to him, traders are observing developments in the global market to determine whether the situation will have a lasting impact on fuel prices and supply chains.

“We are all observing how things will unfold. If the situation persists for a longer period, then we will make decisions regarding possible price increases,” he said.

Mr. Boateng added that there is currently no justification for raising prices since there has been no significant increase in fuel costs or shortage of goods.

“For now, no trader is saying they will increase prices because we have not seen any fuel price increases or shortage of goods. It will be premature to announce price hikes at this stage,” he explained.

His comments come at a time when consumers and businesses are closely monitoring global developments and their potential impact on Ghana’s economy.