Commodity prices remain stable as dollar depreciates

Contrary to consumers expectation of reduction in commodities prices, they remained rather stable, despite the US dollar dropping marginally, a market survey conducted by the Ghana News Agency (GNA) on Friday in the Sunyani Municipality revealed.

According to shop owners’ and traders in food items, foot wears, clothing and hardware in the Central Business District of Sunyani, the touted depreciation of the dollar and the appreciation of the Cedi has not affected prices of goods and services.

This is because most they purchased their goods before the depreciation of the dollar.

Hence “we have no other option than to sell our commodities at the pre-depreciation prices, so that we will not incur debts”, Diana Ansu, a cloth dealer stated.

Ms Judith Amankwaah Boateng, a retailer of rice and other essential commodities said before the Cedi regained strength against the US Dollar recently, they were retailing the five (5) kilogramme weight of imported rice (different brands) between GH?26.00 and GH?32.00.

But the “we have not been able to reduce the prices to give consumers some relief because wholesalers have also not reduced the prices”.

A wholesaler of sugar, flour, rice and consumables like canned fish and other tin foods, who pleaded anonymity, affirmed that they were also wholesaling at the old prices because the Dollar-depreciation and Cedi-appreciation had not brought about reduction in the prices.

Some of the wholesalers and retailers were however optimistic that prices of commodities would drop if the stability of the Cedi in relation to the Dollar is kept for a long period.