While some Dome vendors have complied with President Akufo-Addo’s request to reduce prices of their goods and services, others have decided to stick with their exorbitant rates.
The president’s request comes after the cedi’s recent trend of value appreciation against the United States (US) dollar.
Up until this point, the cedi had been under a great deal of pressure and had seen its value fall precipitously against major trading currencies. A situation that resulted in inflationary pressures on the economy and thus skyrocketing the prices of goods and services.
President Akufo-Addo, while speaking at the centenary celebration of the Ga Presbytery of the Presbyterian Church of Ghana at the Black Star Square in Accra, on December 18, said, “to manufacturers, traders, and transport operators, who at the height of the Cedi’s recent depreciation increased prices of goods and services to reduce their prices now that the Cedi is regaining much of its strength.”
The Independent Ghana spoke with some vendors at the Dome Market to ascertain whether the president’s request had received a favourable response. Some immediately admitted to reducing their prices.
Madame Florence, who sells food items, stated that she has reduced the price of her vegetable cooking oil from GH₵1500 Ghana cedis to GH₵750. Also, her 5kg rice now goes for GH₵65, instead of GH₵85.
Some traders, however, continue to sell their commodities at high rates.
They argued that they needed to delay any price reduction until they sold off their old stock, which they had purchased at a higher cost.
“I agree with the president, but it is not our intention to sell our product at a very high price. Instead, what happened was that we went to buy our product at a high price, so now that the president is urging us to reduce the prices, the truth is that until these things are finished, the public should stop pressuring us and painting us in a bad light.”
Another noted that a price reduction is out of the picture since commercial transport operators continue to charge the previous rate instead of slashing their current fares by 15.3% as authorised by the Road Transport Operators.
They argued that the government must first ensure transportation cost is minimal before instructing traders to reduce their prices.
“I got in a car this morning and went to the market expecting the driver to lower the fare, but instead, he charged me GH4. Tell the president to speak with them about lowering their costs so that we can lower ours as well. He just took GH4 to get from Taifa to the Dome,” a trader said.
The Independent Ghana can confirm that some public transport operators are yet to effect the 15.3% reduction in transportation fares.
They claim the Ghana Private Road Transport Union has not provided them with the new list, but the Union has shot down such claims.
Source: The Independent Ghana