Good governance requires consultation - GUTA faults utility tariff increase process
Joseph Paddy, Vice President of the Ghana Union of Traders Association (GUTA), criticized the process leading to the recent announcement of utility tariff increases. Speaking on Joy News' PM Express on Tuesday, Mr. Paddy stated, "We slept one night, woke up in the morning, and we heard announcements that they're going to be a tariff adjustment increase, and we're like, why so when we were not engaged." He insisted that government and regulators failed to engage key stakeholders before taking the decision, which he believes undermines basic principles of good governance.
Mr. Paddy argued that the justifications cited for the increases do not reflect current economic conditions, which he says are showing signs of stability and improvement. He pointed to recent performance of key macroeconomic indicators, including the exchange rate and interest rates, as evidence that pressure on businesses should be easing. He noted the stability of the cedi against the dollar for over 15 to 16 months, with the exchange rate at about 11.25 today, contrasting it with a previous period when it was around ¢17 to $1.
Quick Summary
The Ghana Union of Traders Association (GUTA) has criticized the recent utility tariff increases, citing a lack of stakeholder consultation. This
Summary - read the full story for complete context.
Image: Joy Business
GhanaFront aggregates news from trusted sources. Click to read the original article.
Keywords
Explore related tagsMore from Joy Business
Related Stories
More from Business & Economy
'Why increase utility tariffs?' - GUTA says economic indicators point the other way
GUTA challenges the latest utility tariff hikes, citing positive economic trends that they believe should have led to a reduction instead.
5h ago•3 min read
Wrong timing - AGI questions electricity tariff hike despite falling inflation and stable cedi
Why is Ghana's industry body challenging new electricity tariffs when inflation is falling and the cedi is stable?
2h ago•3 min read
World Bank Downgrades GARID Project Over Finance Ministry Fiscal Controls
The World Bank has downgraded the 50 million GARID project to moderately unsatisfactory, citing severe fiscal controls b
2h ago•5 min read
Tema Oil Refinery clears six-year backlog of audited financial statements
The Tema Oil Refinery has made a crucial move to rectify years of unaudited financial records, signaling a new era for the state-owned company.
7h ago•3 min read
