Economist urges vendors to reduce profit margin as prices of food increase

Economist, George Kwadwo has urged vendors to continue selling their products and reduce their profit margin in order to adjust to the rise in inflation. Speaking to Univers Business, Mr.George Kwadwo believes that this would help vendors make some sales to fend for themselves and also retain their customers. “Well as it is, I mean definitely some people would still buy . It is also clear that people do not have increased income. Their income is not increasing so people have to prioritize. "What are the most essential things that I need? And so definitely it would affect sales of some items. So they may have to hold on and also probably reduce their profit margin to entice more people to buy so they have a higher turnover” Vendors at the Madina market in the Madina La Nkwantanang district have lamented over the record of low sales as customers are not purchasing items as a result of drastic the increment in prices of goods in the country. Speaking to Univers Business on Monday October 24, 2022, the vendors said, customers only ask for the prices of the foodstuff and walk away without buying. “The things are now expensive and they’re not buying. We come and sit in the market and go back home. We don’t know what is going home. We have kids at home. Those at home are saying the things are expensive so they don’t even come to the market. "They are just increasing prices. We would use our money to go and bring stuff but they would not buy. "Right now a sack of pepper is 4million. We would come and sit here on Saturdays but they don’t buy. At first, we thought since Saturdays are market days, people would buy a little but they don’t buy at all” a vendor lamented Another vendor, Maame Ama Serwaa also called on the government to come to their aid; “The way things are going now, we don’t understand at all. I went and bought oil on Wednesday 600 cedis. They have increased it again to 1000 cedis. Now we don’t even get some to buy. So the government should do something because we don’t even know what to do to ourselves. If he doesn’t do something, something will happen in this Ghana” “Garden egg is now 500 cedis. Right now we don’t know what is going on. People are not buying. They just ask for the prices and leave. Since Saturday they’ve both bought anything. We’re suffering in this Ghana. We are suffering” another vendor added Prices of food commodities keep increasing; A 2.5 kilograms of rice is reported to have shot up from 195 cedis last year to 390 cedis, a carton of chicken has shot up from 125 cedis per ten 10 kilogram in July, 2022 to 300 cedis and crate of egg has also shot up from 17 cedis to 40 cedis .

Economist, George Kwadwo has urged vendors to continue selling their products and reduce their profit margin in order to adjust to the rise in inflation. Speaking to Univers Business, Mr.George Kwadwo believes that this would help vendors make some sales to fend for themselves and also retain their customers. “Well as it is, I mean definitely some people would still buy . It is also clear that people do not have increased income. Their income is not increasing so people have to prioritize. "What are the most essential things that I need? And so definitely it would affect sales of some items. So they may have to hold on and also probably reduce their profit margin to entice more people to buy so they have a higher turnover” Vendors at the Madina market in the Madina La Nkwantanang district have lamented over the record of low sales as customers are not purchasing items as a result of drastic the increment in prices of goods in the country. Speaking to Univers Business on Monday October 24, 2022, the vendors said, customers only ask for the prices of the foodstuff and walk away without buying. “The things are now expensive and they’re not buying. We come and sit in the market and go back home. We don’t know what is going home. We have kids at home. Those at home are saying the things are expensive so they don’t even come to the market. "They are just increasing prices. We would use our money to go and bring stuff but they would not buy. "Right now a sack of pepper is 4million. We would come and sit here on Saturdays but they don’t buy. At first, we thought since Saturdays are market days, people would buy a little but they don’t buy at all” a vendor lamented Another vendor, Maame Ama Serwaa also called on the government to come to their aid; “The way things are going now, we don’t understand at all. I went and bought oil on Wednesday 600 cedis. They have increased it again to 1000 cedis. Now we don’t even get some to buy. So the government should do something because we don’t even know what to do to ourselves. If he doesn’t do something, something will happen in this Ghana” “Garden egg is now 500 cedis. Right now we don’t know what is going on. People are not buying. They just ask for the prices and leave. Since Saturday they’ve both bought anything. We’re suffering in this Ghana. We are suffering” another vendor added Prices of food commodities keep increasing; A 2.5 kilograms of rice is reported to have shot up from 195 cedis last year to 390 cedis, a carton of chicken has shot up from 125 cedis per ten 10 kilogram in July, 2022 to 300 cedis and crate of egg has also shot up from 17 cedis to 40 cedis .