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General News Wed, 25 Feb 2004

Task Force To Check Increase In Prices

A taskforce to be set up to find out reasons for astronomical rise in the prices of commodities is expected to start operation next Monday the 1st of March, 2004.

Currently, arrangements are being made to get them the necessary logistics that will enable them perform their job effectively.

Speaking on Peace fm on Thursday, the Deputy Minister for Finance and Economic Planning, Mr. Kwaku Agyemang Manu stressed that, the exercise should not be misconstrued to mean that the government is interfering in the affairs of manufacturing firms in the country.

According to Mr. Agyemang Manu, the government rather sees it as a way of granting the firms the opportunity to interact with government, which manages affairs of the economy. He said the main task of the committee is to dialogue with manufacturing firms on why the sudden increase in prices within the last three months, while the economy is reportedly growing steadily.

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He stated that, the move is to protect the vulnerable consumer, in the absence of an effective consumer protection Associations.

Speaking on the same issue, the Minority Spokesman on Finance and NDC member of Parliament for Nabdam, Hon Moses Asaga called for a holistic approach to the exercise adding that, the sharp increase of prices of commodities cuts across both the manufacturing and agricultural sectors.

The MP who earlier on was suggestive of a survey committee instead of a task force which he considered too strong, called on the government to let the committee dialogue with the Banks so that they could reduce their lending rates to correspond to the Bank of Ghana?s existing Prime rate.

Source: --
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