News:
June 11, 2025
The Committee on Trade, Industry and Tourism on Tuesday, June 10, 2025 engaged members of Ghana Union of Traders Association (GUTA) in addressing issues relating to adjusting prices down on their goods and services in the wake of the cedi appreciating against the major currencies including the dollar.
According to the chair of the Committee Hottordze Roosevelt Alexander, the impact of the appreciation of the cedi affects most of the indicators of production, hence Ghanaians should be benefitting from the strong performance of the cedi.
The Chairman in his open remarks noted that most of the raw materials used by our local business are imported, not only that a lot of the finished goods including finish products are also imported into the country, adding that despite the country having crude oil, the solid fuel at the downstream are mainly imported.
Same with spare parts; as a result changes in the exchange rates affect these items most of which Ghanaians cannot do without.
He stated that in the past when the dollar went to GHS16 Cedis to the dollar, drivers increased lorry fairs, GUTA increased prices of items, same with pharmaceutical products; and towards the end of last year, trader had to spend hundreds of thousands of cedis to get few dollars to pay for their imports resulting in rapid increases in prices of goods and services.
Luckily, the cedi has now significantly appreciated against the dollar; unfortunately the reverse is not being witnessed. Prices which were increased rapidly when the dollar was up are no longer coming down in the same measure.
Chairman on the Committee pointed out that Ghanaians have taken to social media to take a swipe at Traders for not reducing prices despite the appreciation of the cedi, whiles many have pointed out that when the cedi depreciate traders increase their goods but when the cedi appreciate the reverse is not the case.
At least the public appreciated the 15% reduction in transport fares and are looking forward to price decreases in goods and services.
Kwaku Sakyi-Danso/Ghanamps.com