The President of the Ghana Union of Traders Association (GUTA), Clement Boateng, has urged consumers to remain calm following the rise in Ghana’s inflation rate to 5% in August 2026, describing the increase as marginal.
Mr Boateng said the latest inflation figure is not significant enough to trigger any major increase in the prices of goods and services or substantially affect the cost of living.
Speaking in an interview with Citi Business News, the GUTA President cautioned consumers against assuming that the rise in inflation would automatically translate into higher prices on the market.
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“I don’t think the increment is significant. It is just some marginal increment, and so I don’t think it is going to have any effect as far as goods and services, prices of goods and services are concerned.”
Clement Boateng said there is no need for consumers to panic over the latest inflation figures, stressing that the marginal increase should not necessarily result in an immediate adjustment in prices.
His comments come as consumers and businesses continue to monitor developments in Ghana’s inflation rate and their potential impact on household expenses and prices of goods and services.
The GUTA President also rejected suggestions that delays in clearing goods at Ghana’s ports were a major factor behind the increase in August 2026 inflation.
He nevertheless acknowledged that congestion at the ports continues to impose additional costs on traders whose goods remain uncleared beyond the demurrage-free period.
According to Mr Boateng, traders are required to pay demurrage once the free period expires, regardless of whether the delay was caused by the trader or the shipping line.
“Once the demurrage-free period has elapsed, whether you like it or not, whether it is your doing for the delay or it is the doing of the shipping lines, you will definitely have to pay whatever demurrage you have incurred.”
Mr Boateng called on the Ghana Ports and Harbours Authority (GPHA) to engage shipping lines and other relevant stakeholders to address congestion at the ports.
He said resolving the challenges would help reduce additional costs incurred by traders and improve the efficiency of the goods clearance process.
The GUTA President maintained that while port congestion creates financial pressure for businesses, consumers should not assume that the latest 5% inflation rate will automatically lead to widespread increases in the prices of goods and services.
For now, GUTA is urging consumers to remain calm as traders and businesses continue to assess the implications of the latest inflation figures.