Following the cedi’s appreciation, the majority in Parliament has called on traders to consider lowering their prices.
The cedi has been strengthening against the dollar in recent days, with a broad segment of the public demanding that prices for goods and services be reduced to reflect the current situation.
Alexander Afenyo-Markin, the Deputy Majority Leader of Parliament, spoke to Citi News about the need for a collaborative effort to revitalize the economy.
“I heard the GUTA President urging members to lower their prices. I will issue a similar call to businessmen and women, entrepreneurs and traders. If you felt compelled to raise your prices due to market uncertainty and currency fluctuations, things have changed. We will all benefit from the economy if we reduce them. “As a result, it is my humble request that prices be reduced so that the average Ghanaian can afford them,” he explained.
Already, President Akufo-Addo has urged the business community to lower the prices of goods and services as the cedi strengthens.
Fuel prices are also declining significantly. According to the Bank of Ghana, the local currency is currently trading at GH¢8 on the interbank market with a litre of petrol and diesel selling at GH¢13 and GH¢16 respectively.
In view of this, President Akufo-Addo says, it is just fair for prices of goods and services to be reduced, taking into consideration, the gains the cedi is recording.
“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. This, I believe, is not only a reasonable but also a fair request.”