Certain traders in the Makola and Okaishie commercial areas are resisting increasing demands to promptly lower the prices of goods, despite the recent strengthening of the Ghanaian cedi against the US dollar and other significant foreign currencies.
In recent weeks, the cedi has demonstrated resilience, reversing several months of decline. This situation has rekindled public hopes for price reductions, especially concerning imported products.
Nevertheless, numerous traders contend that their existing inventory was acquired at significantly higher exchange rates, rendering immediate price reductions economically impractical.
Rebecca Ofosuwaa, a seller of household goods, expressed her viewpoint: ‘I oppose the calls for price reductions.
For example, if an individual placed import orders a month ago when the dollar was valued at 16 cedis, the recent appreciation of the cedi does not automatically translate into lower current prices.
Should the cedi maintain its stability, we might start to observe price reductions around August.’
Maame Efua, a trader in grains, cereals, and various groceries, expressed a similar viewpoint. She stated, ‘Many of us possess older stock, which prevents us from lowering prices. We can only make reductions when we import new products at the current rates.’
As of Monday, certain forex bureaus were offering the US dollar at 13 cedis and 50 pesewas. The traders also recognized the recent assertions made by the Food and Beverage Association of Ghana regarding a slight decrease in the prices of some commodities.
However, they were quick to emphasize that these reductions are minimal. ‘In the past, a bag of sugar was priced at GHS 740, but it has now decreased to approximately GHS 640,’ one trader remarked.
