Christmas Shopping: Traders unwilling to reduce food prices despite Cedi appreciation

Some traders at the Makola Market, one of the biggest trading outlets in the Greater Accra Region, are unwilling to reduce the prices of food commodities despite a sharp fall in the dollar exchange rate.

“We are unable to reduce the prices of some items, because we do not think the current Cedi appreciation is sustainable,” Madam Abena Frimpong, a trader at the Market, told the Ghana News Agency (GNA) Business Desk.

She said they were studying the market trends and would be willing to review prices when convinced of a long-term stabilisation of the Cedi.

Prices of foodstuffs saw a relatively sharp increase months ago following the depreciation of the Cedi, with commodities, including rice, vegetables, fresh meat, and other items having their prices shooting up astronomically.

A visit to the Market by the GNA Business Desk, on Thursday, December 22, saw prices of some items such as fresh meat and vegetables remaining high as was during the peak of Ghana’s economic crises.

A pound of beef still sells at 25 Cedis, chevon, 30 Cedis, and mutton, 22 Cedis, while the prices of some fish varieties such as tilapia, tuna, and red fish remain unchanged.

However, Anabella Lamptey, a trader, indicated that there had been a considerable decrease in the prices of the five kilogramme bag of rice, with the varieties selling between GHC60.00 and GHC75.00.

Weeks ago, they were selling between GHC80.00 and GHC125.00.

The prices of vegetable oil have also gone down from between GHC900.00 and GHC1,200.00 to between GHC600.00 and GHC800.00.