Closure of shops contributed to high inflation – CIMG President criticise GUTA

The President of the Chartered Institute of Marketing Ghana (CIMG), Dr Daniel Kasser Tee, has said the move by members of the Ghana Union of Traders Associations (GUTA), to close shops to protest rising inflation created artificial shortage of goods in the market.

He said such artificial shortages make a huge contribution to the same inflation they seek to protest.

“By closing the shops, GUTA is, therefore, also making significant contribution to inflation but will turn round to government, demanding that inflation be brought down,” he said

Dr Tee added that, “So, we end up hurting our own businesses because the online guys work 24 hours, they sell more and make bigger margins than us, with the added advantage being their ability to reduce price in other to increase total revenue”.

“Take the case of GUTA, your members are already heavily disadvantaged due to your mode of operation. Each member has physical shops, made of brick and mortar. Rent payment for some of these shops are very prohibitive and dollar denominated,” he said.

He also called on leaders of businesses to rationalise their operations to be able to protect the interest of investors, employees, and customers.

He said in view of the current global economic hardships fueled by the Russia-Ukraine war, business leaders must strive to make their entities more efficient to remain in business.

Dr Tee made the allegation at this year’s CIMG Annual Marketing Performance Awards held at a colourful dinner event in Accra on Saturday.

The event, held under the theme, “Creative Marketing and Innovation In A Volatile Global Economy” brought together members of the business community, including some top executives.

Dr Tee said while employers rationalise their operations, it was expected for employees to be moderate in their demands.

“Employee associations and labour unions should also explore ways by which they can promote the interest of the employers in such challenging times. It is not all the time that employees should be agitating for higher wages. It is our wish that we could make it possible for every public sector organisation to keep and publish their individual books of accounts,” he said.

Awards

The night when stakeholders in business gathered to be celebrated saw 43 companies and individuals receiving awards in various categories.

The Chief Executive Officer of the Consolidated Bank Ghana, Daniel Wilson Addo, was named the marketing man of the year by the CIMG while the CEO of ABSA Bank, Mrs Abena Osie-Poku, has also been awarded the CIMG marketing woman of the year.

The two banking executives were decorated with the top honours in the country’s marketing fraternity the colourful dinner event.

The CIMG President’s special awards went to Journalist, Erastus Asare Donkor for his documentary titled ‘Destruction for Gold’ and Alberta Afreyie-Mensah of Witama Agribusiness.

The Group Head of Marketing and Corporate Affairs at Hollard Ghana Holdings, Cynthia Ofori–Dwumfuo clinched the prestigious Marketing Practitioner of the year award while Mark Mensa-Abban was named Marketing Student of the year.

ABSA Bank retained its spot as the bank of the year while Melcom was inducted into the Elite Hall of Fame of the CIMG. TV3 Ghana’s Most Beautiful and Joy FM’s Drive Time were awarded best TV and Radio programme respectively.