Direct all operators to reduce prices now! – Kofi Kapito to GUTA, GPRTU

The Consumer Protection Agency (CPA) has called on trade and transport unions to direct their members to reduce the fares and prices of goods and services following an appreciation of the Ghana Cedi against the US Dollar.

According to the Chief Executive Officer of CPA, Kofi Kapito, the call is a just and reasonable request, as fuel prices have decreased.

“When yours was going u,p you took advantage, fine. So now, it’s coming down in our favour; we want to see some reduction,” he told reporters at a press conference in Accra.

His call comes at a time the local currency has strengthened in value against other major trading currencies.

The Ghana Union of Traders Association (GUTA) demonstrated in October this year, closing their shops after the cedi lost its value to the dollar by about 50%.

However, the cedi has witnessed a remarkable recovery against the US dollar as of mid-December – appreciating by 63.7 per cent.

Mr Kapito said the argument by GUTA for consumers to wait for some time before prices can be adjusted is unacceptable, insisting consumers must start feeling the impact of the local currency’s stability.

“When it was time for them to increase,e they didn’t wait; they increased it. So when things are also in favour of the consumers, we expect them also to act with the same speed as they did when they wanted to increase,” the CPA boss argued.

Meanwhile, the Ghana Private Road and Transport Operators (GPRTU) and the Ghana Road Transport Coordinating Council have agreed to reduce transport fares by 15.3per cent.

The transport fare reduction was announced to take effect on Monday, December 19, 2022.

However, some drivers, particularly intra-city drivers, have refused to comply with the 15.3 per cent cut.