The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) have revealed they have set a 60-day window for prices to be cut in relation to the appreciation of the Ghana cedis.
On Wednesday, May 14, the Minister for Trade and Industry, Elizabeth Ofosu-Adjare met the Trade Unions about the growing calls for the cedi appreciation to meet market prices.
According to GUTA and AGI prices on the market remain the same due to the older stock acquired at previous, higher rates still o the market.
Dr Joseph Obeng GUTA president stated, “The government should continue to do its good work by sustaining the appreciation of the cedi, and we will do our job. We will respond positively. The market forces will determine the prices, and they will respond accordingly”
“All that we need is for the government to sustain the dollar rate, and in two months, everybody in the country will witness that the business community also thinks about the consuming public. We depend on them to survive, so there is no way we will not pass on any gains when we have them”, he added.
AGI President, Dr. Humphrey Ayim-Darke added, “We commend the government and also want to state that we are committed to reflecting these gains in our pricing. Prices are ultimately determined by the forces of supply and demand. We believe sincerely that within the 60 days; the impact of the stronger cedi will be seen in the wholesale and retail prices.”
Meanwhile, the West African Regional Director of CUTS International, Appiah Kusi Adomako, has criticised the 60-day window granted to businesses by GUTA and the AGI to adjust prices.
Speaking on Citi FM he stated, “The 60 days is a bit generous to businesses, but to the consumers, I don’t think it is fair, because anytime prices go up, the cedi begins to fall badly. We can even see prices jumping three times in a day. And sometimes people even use the predictive prices of the cedi to the dollar to sell their goods in the market”.
“Now that the cedi has started to appreciate in value, I think it will be fair that businesses should gradually reduce prices as the cedi appreciates. So that by the end of the 60th day, we should be able to get full benefits coming to consumers.
“There are genuinely businesses that may be having old stock, and others that are clearing goods from the ports. Now that we have agreed to the 60 days, what it means is that those who will be bringing their goods to the market tomorrow [May 15], would also want to ride on the 60-day moratorium.
“I think it’s also fair for the consumer to ride on the gains of the cedi against the dollar”, Appiah Kusi Adomako added.
