PNP outlines strategies to tackle Ghana’s trade sector

The People’s National Party (PNP) has outlined some four major policies to tackle Ghana’s trade sector when the party is elected to power in the December presidential election.

National Chairperson and Leader of the PNP, Janet Asana Nabla, said a future PNP government would take decisive action to establish a regulatory authority to oversee and control the pricing of essential goods and services such as food, rent, fuel, health care, private education and transportation to prevent price gouging.

Ms Nabla, in a statement, said the PNP government would reevaluate and amend the constitution to revise existing monopoly laws, promoting fair competition in the market, adding that the party would enact the consumer protection law that the Eighth Parliament has failed to pass to ensure robust protection for consumers.

She said the PNP administration would also set up and manage government retail outlets that offered essential goods at regulated prices.

Monopoly

Ms Nabla expressed PNP’s displeasure with the Ghana Union of Traders Association (GUTA) in what she termed GUTA’s attempt to monopolise Ghana’s retail trading system with the objective of raising prices and driving inflation.

“GUTA and its members have been abusing the free market economy to increase prices, contributing significantly to the inflation we are now experiencing in Ghana. For example, a chair that costs GH¢ 68 at China Mall is sold for about GH¢ 175 by GUTA members. This price inflation is a clear indication of their exploitative practices.”

“Furthermore, GUTA's anger towards the Ministry of Agriculture for selling foodstuffs at lower prices while its members continue to inflate prices to unbearable levels for Ghanaians is unacceptable.

GUTA’s actions are eroding the purchasing power of Ghanaians, and it is clear that the union was formed with the intent to destroy this purchasing power. Therefore, it is imperative that we dissolve the union,” the statement said.  

PNP said GUTA’s opposition to the Ministry of Trade’s efforts to review monopoly laws, which currently allow only Ghanaian businesses to engage in retail trade, further reveals their desire to maintain their exploitative practices.

“If they have nothing to hide, why prevent others from entering the market?” the party queried. “GUTA's members inflict hardship on Ghanaians, often hiding behind political affiliations to avoid scrutiny.

Their president's claim that buyers have bargaining power is laughable, as GUTA members have formed associations to keep prices high and report any member who tries to lower prices. This behaviour shows a fundamental misunderstanding of market dynamics and a blatant disregard for the well-being of Ghanaians,” the statement added.