GUTA calls for cheaper credit, lower business costs in 2027 Budget

The Ghana Union of Traders Associations (GUTA) has called on the government to include measures in the 2027 Budget aimed at creating a more favorable atmosphere for businesses, offering cheaper credit and facilitating job creation. In an interview with JoyNews’ The Pulse, GUTA Vice President Joseph Paddy expressed the need for practical assistance to enable businesses to expand production and generate employment.

He questioned the specific incentives the government was implementing to assist businesses in obtaining more affordable financing and investing in manufacturing. Paddy asked what concrete measures the government would take so that businesses could secure cheaper credit, such as a five-year moratorium to open a factory. He also challenged the notion that Ghana imports excessively, suggesting that the focus should be on the nature of the imported goods and whether they support local production.

Citing import-to-GDP figures from Singapore, Malaysia, and Ghana, Paddy argued that importing was not inherently detrimental to an economy, but rather the type of goods being imported mattered. He urged the government to support businesses seeking to establish manufacturing and production facilities, emphasizing the importance of this for strengthening local industry.

Paddy also raised concerns about the cost of borrowing and charges imposed on imported goods at the ports, which he claimed could total up to 55% of the goods' value. He argued that businesses ultimately pass these costs onto consumers through higher prices. Paddy also raised concerns about foreign businesses operating in Ghana's retail sector, which he said is designated for Ghanaians under the country's investment laws.

He called on the Finance Minister to enforce existing restrictions and introduce measures to protect local retailers. The 2027 Budget is scheduled to be presented by Finance Minister Dr. Cassiel Ato Forson on November 12, 2026.