Closure Of Shops Contributed To High Inflation – CIMG President Criticise GUTA | General News

The President of the Chartered Institute of Marketing Ghana (CIMG), Dr Daniel Kasser Tee, has stated the transfer by members of the Ghana Union of Traders Associations (GUTA), to shut retailers to protest rising inflation created synthetic scarcity of products available in the market .
He stated such synthetic shortages make an enormous contribution to the identical inflation they search 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 stated

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 others 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 stated.

He additionally referred to as on leaders of companies to rationalize their operations to have the ability to shield the curiosity of buyers, staff, and prospects.

He stated in view of the present world financial hardships fueled by the Russia-Ukraine warfare, enterprise leaders should attempt to make their entities extra environment friendly to stay in enterprise.

Dr Tee made the allegation at this yr's CIMG Annual Marketing Performance Awards held at a colourful dinner occasion in Accra on Saturday.

The occasion, held underneath the theme, “Creative Marketing and Innovation In A Volatile Global Economy” introduced collectively members of the enterprise neighborhood, together with some prime executives.

Dr Tee stated whereas employers are streamlining their operations, it was anticipated for workers to be average of their calls for.

“Employee associations and labor 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 organization to keep and publish their individual books of accounts,” he stated.

Awards

The evening when stakeholders in enterprise gathered to be celebrated noticed 43 firms and people receiving awards in numerous classes.

The Chief Executive Officer of the Consolidated Bank Ghana, Daniel Wilson Addo, was named the advertising and marketing man of the yr by the CIMG whereas the CEO of ABSA Bank, Mrs Abena Osie-Poku, has additionally been awarded the CIMG advertising and marketing girl of the yr.

The two banking executives had been adorned with the highest honors within the nation's advertising and marketing fraternity the colourful dinner occasion.

The CIMG President's particular 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 distinguished Marketing Practitioner of the yr award whereas Mark Mensa-Abban was named Marketing Student of the yr.

ABSA Bank retained its spot because the financial institution of the yr whereas Melcom was inducted into the Elite Hall of Fame of the CIMG. TV3 Ghana's Most Beautiful and Joy FM's Drive Time had been awarded greatest TV and Radio program respectively.