Following the appreciation of the cedi, the majority in parliament has once again urged traders to think about lowering the pricing of goods. Recent days have seen the cedi strengthening against the dollar, and a cross-section of the population has demanded that prices be lowered for goods and services to reflect the current circumstances.
Alexander Afenyo-Markin, Deputy Majority Leader of Parliament, called for a team effort to revive the economy in an interview with Citi News.“I heard the GUTA President calling on members to reduce prices. I will repeat the same call to the business men and women, entrepreneurs and traders. If it was out of uncertainties and the currency market, you felt that you should increase prices for your goods, today things have changed. It is by reducing them that we will all benefit from the economy. So it is my humble appeal that prices are reduced so that the ordinary Ghanaian can afford”, he explained.
In anticipation of the cedi’s resurgence, President Akufo-Addo has already urged the business community to lower prices for products and services. Additionally significantly falling in price are fuel costs. A liter of gasoline or diesel currently costs GH13 or GH16, respectively, on the interbank market, according to the Bank of Ghana, while the local currency is currently trading at GH8.
President Akufo-Addo claims that in light of this, it is only reasonable for the prices of products and services to be decreased, taking into account the gains the cedi is registering.
I agree with GUTA, GRTCC, and others in pleading with producers, dealers, and transport businesses to reduce their prices for goods and services in light of the recent peak in the cedi’s depreciation and the cedi’s strengthening. I believe this request to be both fair and reasonable.
