Traders Union in Ghana says the prices of goods may not be increased despite the increase in transport fares

The Ghana Union of Traders Association (GUTA) has disclosed that the increase in transport fares may not necessarily affect the prices of some goods in the short to medium term.

Traders Union in Ghana says the prices of goods may not be increased despite the increase in transport fares

According to the union, although transport fares have been increased, a lot of factors may have to be considered before an increase, if possible, will be effected.

The President of GUTA, Dr Joseph Obeng disclosed the information while commenting on the increase in transport fares in the country,

That is according to the Ghana Union of Traders Association, GUTA.

He said, “I think reality has come to this and we have to face it; if prices of fuel and other materials such as spare parts have gone up, then they do not have any option than to increase their fares to make ends meet. So I think we have to all embrace it,” he observed.

“Factors of pricing are varying as such it depends on how the input of transport fares will play out. Sometimes if the trader finds the increase very negligible, then he or she will absorb the cost and that is what most prudent business people do,” he said

Adding that “If you will realize because the market is so competitive people might also not increase the prices of their goods but that is not to say that some businesses will not increase their prices because of the factors of their cost of operation.”

Background

The Ghana Private Road Transport Union (GPRTU) recently disclosed that effective September 16, this year, public transport fares will go up by 10 percent.

According to the union, the various components that go into the running of commercial transport services has gone up, hence, the increment.

“This is to accommodate predominantly an increase in fuel prices,” Kwame Kuma, the National Chairman of GPRTU said in a statement released on Tuesday, September 10, 2019.

For some time now, the Union has called for an increase in their fares as prices of spare parts have gone up.

The increased fares will cover intra-city (trotro), intercity (long-distance ride) and shared taxis.

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