Following the cedi’s appreciation, the majority in parliament has once again urged traders to consider lowering product prices.
An array of the public has demanded price reductions for goods and services to reflect the current situation as the cedi has appreciated against the dollar over the past few days.
Alexander Afenyo-Markin, the Deputy Majority Leader of Parliament, urged cooperation in reviving the economy in a statement to Citi News.
“I overheard the president of GUTA urging members to lower prices. I’ll make the same appeal again to businesspeople, entrepreneurs, and traders. If you felt that you needed to raise prices for your goods because of ambiguity and the currency market, things have changed now. We will all gain from the economy if they are decreased. Therefore, I humbly request that prices be lowered so that the typical Ghanaian can afford them, he said.
The business community has already been urged by President Akufo-Addo to lower prices for goods and services as the cedi strengthens.
Fuel prices are also significantly declining. The local currency is currently trading at GH8 on the interbank market, while a litre of gasoline and diesel costs GH13 and GH16, respectively, according to the Bank of Ghana.
According to President Akufo-Addo, given these circumstances and the gains the cedi is experiencing, it is only fair that prices for goods and services be reduced.
“I join GUTA, GRTCC, and others in urging producers, traders, and transport companies to lower their prices for goods and services in light of the recent cedi depreciation’s high point and the increased costs of doing business. This is especially important given that the cedi is currently strengthening to some extent. This request strikes me as both reasonable and just.