The Chairman of Eureka Garages (Tuobodom Magazine), Mr. Saani Adams, has called on traders and service providers to reduce the prices of goods and services to reflect the recent appreciation of the Ghana cedi.
Mr. Adams made the call in an exclusive interview with our reporter, stressing that the failure of traders to adjust prices downward despite improved economic conditions is negatively affecting the ordinary Ghanaian.
According to him, prices of goods and services rose sharply in the recent past due to several challenges, including the depreciation of the cedi, the impact of the COVID-19 pandemic, and other difficulties that disrupted trading activities across the country.
He noted that under the current government, importers have benefited from the appreciation of the cedi, leading to a reduction in the cost of imported goods and import duties, an effort he described as commendable.
“Not long ago, the prices of goods and services were skyrocketing due to several factors, including the depreciation of the cedi, the impact of a pandemic, and other challenges that made trading difficult.
“Under the current government, the prices of goods for importers have reduced due to the appreciation of the cedi. As a result, import duties have also been lowered, which is highly commendable.”
The Eureka Garages chairman, however, expressed concern that many traders have failed to reduce prices accordingly, despite having increased them swiftly when the cedi was depreciating.
He further disclosed that Eureka Garages has taken the lead by reducing the prices of its goods and services to reflect the recent gains of the cedi, urging other traders to follow suit in the interest of the national economy
“I have always maintained that just as prices of goods and services were increased when the cedi was depreciating, they should also be reduced when the cedi appreciates. Unfortunately, this has not been the case.
‘I can confidently say that we at Eureka Garages have reduced the prices of our goods and services to reflect the recent gains of the cedi. However, some traders continue to charge exorbitant prices, which is not helpful to the economy.”
He used the opportunity to appeal to traders and the general public to play their part in supporting economic recovery, warning that national progress requires collective responsibility.
“I will use this opportunity to urge all and sundry to do the needful by reducing the prices of their products and services to help boost the economy. If this is not done, the government may play its part, but traders and citizens alike will fail the country.”
Source: Elvisanokye.com