GUTA Deputy General Secretary Welcomes Economic Gains, Raises Concern Over Rent and Retail Market Pressures

The Deputy General Secretary of the Ghana Union of Traders’ Associations (GUTA), Edward Atobrah Binkley, has acknowledged improvements in Ghana’s key economic indicators but cautioned that structural challenges within the retail and rental markets continue to burden local traders.

Speaking on recent economic developments in relation to the upcoming State Of the Nation Address (SONA) on Kessben TV’s Digest, Mr. Binkley said it is encouraging to see major economic indicators trending positively.

However, he noted that the pricing of goods remains influenced by several variables, including demand, cost of production, and market conditions.

He pointed out that rent-related issues have become a major concern for traders, arguing that the high cost of shop rentals is negatively impacting local businesses.

According to him, some landlords charge exorbitant rents, often taking advantage of foreign nationals willing to pay higher prices.

“Foreigners have intruded into our retail market, and landlords are charging high rent, taking advantage of the situation,” he stated.

Mr. Binkley said while some items remain expensive due to high demand, broader economic measures are beginning to yield results. He cited the decline in the policy rate as a positive step that could ease borrowing costs and support business growth.

The GUTA executive also expressed support for the proposed 24-hour economy policy, noting that traders have generally accepted the concept. He believes authorities are working to create an enabling environment for its success.

“We believe the enabling environment being created is a step in the right direction,” he said, adding that if properly implemented, the initiative could stimulate productivity and expand business operations.

He further observed that Ghana’s gold sector has played a supportive role in stabilizing the economy, contributing to recent gains in macroeconomic performance.

Mr. Binkley urged policymakers to address rental and retail market challenges to ensure that the benefits of economic recovery are felt more broadly among local traders.