The majority in parliament has fervently urged traders to abide by the Ghana Union of Traders Association’s (GUTA) request that market prices be decreased.
Owing to the recent appreciation of the Ghana cedi and the subsequent reduction in the prices of petroleum products, GUTA directed its members to decrease the prices of their products. However, most traders have yet to obey the directive.
Speaking in an interview, Deputy Majority Leader, Alexander Afenyo-Markin, stressed the need for traders to reduce the prices of their commodities.
“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 said.
An astronomical surge in the price of fuel and the depreciation of the Ghana cedi affected the prices of goods and services on the Ghanaian market.
As of November 1, 2022, a dollar was selling at GH¢13.55 at forex bureaus in the country and GH¢13.01 per dollar per interbank rate.
A litre of petrol was also going for GH¢19 and diesel GH¢23 [within the same period]. Prices of goods on the market went up subsequently, compounding the hardships for the average Ghanaian. Traders attributed the hikes in the prices of products on the market to these developments.
But in a twist of events, the Ghana cedi in the past week has gained some significant strength against the US dollar, a situation that led Bloomberg to describe the Ghana cedi (on December 10, 2022) as “the best performing currency against the US dollar [for that week].”
As of the time of filing this report, the cedi was selling at GH¢9.00 per dollar. Prices of petroleum products have also reduced. Consequently, President Akufo-Addo, has entreated traders to decrease the price of products, and drivers to also oblige by the new directive of the Ghana Road Transport Unit (GPRTU) to decrease their fares.
“I add my voice to those of GUTA, GRTCC and others, to appeal to manufacturers, traders and transport operators, that with the height of the cedi’s recent depreciation and increased prices of goods and services, to reduce their prices of goods and services now that the cedi is regaining much of its strength. I believe this is not only a fair request but also a just one.”