Trade minister praises traders as backbone of Ghana’s economy at GUTA awards

At the Ghana Union of Traders Association (GUTA) Awards held in Accra on Friday, 10th April, 2026, the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, described Ghanaian traders as the backbone of the nation’s economy.

Drawing from a Ghanaian proverb, she said traders do more than buy and sell, noting that they sustain livelihoods and drive national development. She added that across markets from Mokola to Kejetia and Salaga to Techiman, the spirit of enterprise, resilience and community remains evident in the work of GUTA members.

The Minister highlighted the role of the Ghana Union of Traders Association in shaping Ghana’s private sector, stressing that no meaningful economic transformation can occur without traders and small and medium-sized enterprises.

She said her engagements since assuming office, including visits to markets and interactions with market queens and spare parts dealers, have informed responsive policies for the sector.

On the economy, she cited improved macroeconomic stability under John Dramani Mahama, noting a decline in inflation from 22.4% in March 2025 to 3.2% in March 2026, which she said is translating into predictable pricing, reduced cost volatility and improved business confidence.

She reaffirmed government’s commitment to improving the business environment, stating that efforts are underway to ease bottlenecks across ports, customs and business registration processes.

The Minister called for stronger collaboration between government and the private sector, emphasising the role of traders as a key link between production and the market in Ghana’s industrialisation agenda.

She also commended sachet water producers and GUTA members for maintaining stable prices despite economic pressures and urged them to support efforts to sustain macroeconomic gains, adding that “the good times are ahead.”

The President of GUTA, Clement Boateng, said a key pillar of his administration is to rally private sector organisations, especially trade associations, to ensure effective collaboration between state actors and private sector players through public-private dialogue in policy formulation.

In a citation to President Mahama, received by the Minister, GUTA stated that he has delivered trade solutions that have stabilised Ghana’s economy.

Immediate past GUTA President, Joseph Obeng, highlighted achievements during his tenure, including the establishment of the Women’s Wing of GUTA and contributions to the reduction of the benchmark value and the 3% VAT flat rate scheme.

Guest speaker and former Trade and Industry Minister, Alan Kyerematen, encouraged GUTA to engage stakeholders to establish a Traders Bank to facilitate trade, establish retail outlets such as Ghana Malls, and take advantage of opportunities under the African Continental Free Trade Area.

Chairman of the occasion, Ernest Ofori Sarpong, called for an end to illegal foreign retail trade in Ghana.

The event also saw the induction of new executives and the awarding of distinguished personalities and corporate bodies, including the Ministry of Trade, Agribusiness and Industry and the Ghana Investment Promotion Centre.