President Nana Akufo-Addo has entreated traders to desist from outrageous prices on goods and services to cash out big amid the current economic challenges.
The depreciation of the Cedi has caused a rise in the prices of goods and services, but some traders are increasing their products by wide margins to take advantage of the situation.
Traders who deal in local products unaffected by the exchange rates have also increased prices astronomically.
According to the president, the country’s economic situation has put most Ghanaians in an uncomfortable position and cautioned traders not to add to the woes.
In an address to the nation on Sunday, October 30, 2022, the president said:
“We are all in this together. Please let us be measured in the margins we seek. I have great respect and admiration for the ingenuity and hard work of our traders, especially those that take on the distribution of foodstuffs around the country, and I would hesitate to join in calling them names. I make a heartfelt appeal that we all keep an eye out for the greater good and not try to make the utmost profits out of the current difficulties”.
In an interview with some traders in Accra, they lamented the continuous depreciation of the Cedi and hikes in fuel prices, which are the major causes of price fluctuations on the market.
According to the traders, “when commercial vehicles transport their items to the market, the fares they charge due to the fuel increment compelled them to also increase the prices of their products in other to get their profit”.
“The aim of every business person is to make a profit”, one trader noted.
Speaking on the effect of the dollar on their goods, some indicated that most items are imported goods, and due to the dollar rate compared to the Cedi, it is impossible to sell the same products as they used to be.
Speaking to one of the traders who sell products like toothpaste, soaps, and other detergents, she indicated that before the depreciation of the Cedi, “the larger size of Pepsodent, one of the commonly used kinds of toothpaste in Ghana used to be sold at GH₵9.00 but now she sells it at GH₵19.00. The smaller size of the same paste was formerly sold at GH₵ 4.00 but is now being sold at GH₵9.50p whilst others sell it at GH₵8.00”.
Other detergents like floor cleaners, washing powders, and glass cleaners, mostly imported goods, have increased by about 40% on the market.
To the traders, “the failure of the government to find a suitable solution to the cedi and the increment of fuel prices means that they will also continue to “kill buyers” by increasing the products on the market”.