President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has said the prices of goods will remain stable due to the stabilization of the exchange rate.

He explained that the exchange rate was one of the indicators that determine price hikes on the market, though the country's inflation is high.

In an exclusive interview with GhanaWeb Business, Dr Joseph Obeng said, "Exchange rate have stabilized fairly so because of that, prices are also stabilized along the exchange rate. The only thing that is taking out the gains is the high cost of doing business at the ports and high taxation."

"The exchange rate is only one indicator out of the other major cause factors like the interest rate, inflation we are experiencing," he stated.

Ghana's inflation for June this year increased marginally to 42.5 percent compared to the 42.2 percent recorded in May.

This was announced by the Government Statistician, Professor Samuel Kobina Annim, at a press briefing.

Following the announcement of June inflation, the Director of Communications for the governing New Patriotic Party (NPP), Richard Ahiagbah, has said Ghana's economic recovery was gradually moving in the right direction.

Richard Ahiagbah pointed out that inflation and fuel prices were relatively stable.

He called on Ghanaians to continue to support government's recovery efforts to stabilize the economy which took a nose dive in 2020.

ESA/NOQ

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