The Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, says if traders reduce prices in response to the appreciation of the Cedi, it will encourage the government to continue implementing the right policies.
According to her, such a move would not only be fair to consumers but would also signal that government’s efforts to stabilise the economy are yielding results for the people.
Speaking on Accra-based JoyNews’ The Pulse on Monday, May 12, the Minister explained that the government has created an enabling environment for businesses to thrive, which has led to the strengthening of the local currency.
“If traders are magnanimous enough to reduce their prices, it will also encourage government to keep doing the right things, knowing that every citizen will benefit,” she stated.
She therefore urged traders to pass on the gains to the public, noting that while government cannot control prices, it expects market actors to reflect the cedi’s gains in their pricing.
“And if government has been able to achieve this cedi appreciation, I’m sure it is only right that everybody in the country benefits from it. We continue to engage GUTA and the traders to ensure they see reason to pass on the benefits to the public,” she stated.
The minister also pointed out that traders are quick to raise prices when the cedi depreciates, and so fairness demands that prices be reduced now that the currency is gaining strength.
“Our cedi has become strong. Anytime it depreciates, traders increase their prices. It is just fair that prices are reduced to reflect the measures government has put in place,” she stressed.
