According to them, the high exchange rate has forced them to inflate prices of goods
Traders in the Central Business District of Kumasi, the capital of the Ashanti Region, say they will only reduce prices of goods if the local currency appreciates against other international currencies. According to them, though they are willing to sell their products at a relatively cheap price, the high exchange rate has forced them to inflate prices of goods. The traders were responding to a plea by President Akufo-Addo for them to avoid profiteering in the current economic turmoil. President Akufo-Addo during his address on the economy on Sunday, October 30, 2022, appealed to traders in the country to shun making utmost profits of the current economic quagmire to rip off consumers. The president who admitted that Ghana's economy is in great difficulty urged all stakeholders to "keep an eye out for the greater good", in the face of the cost of living crisis. The Ashanti Regional Chairman for Traders Advocacy Group Ghana TAGG, Mr. Owusu Boakye Samuel in an interview with OTEC News Kwame on Monday, October 31, 2022, however, pledged to support the government in measures rolled out to get the economy back on track. Mr. Boakye again called on traders across the country to cease the habit of slapping high margins on goods. "We as leaders of the traders have already told our members to take part in the country's move to restore the economy." "We have spoken to them extensively and so I believe our traders will be measured in their margins going forward.” He expressed optimism in the leadership of President Akuffo Addo and said they as traders are very sure the NPP government can turn things around.
Traders in the Central Business District of Kumasi, the capital of the Ashanti Region, say they will only reduce prices of goods if the local currency appreciates against other international currencies. According to them, though they are willing to sell their products at a relatively cheap price, the high exchange rate has forced them to inflate prices of goods. The traders were responding to a plea by President Akufo-Addo for them to avoid profiteering in the current economic turmoil. President Akufo-Addo during his address on the economy on Sunday, October 30, 2022, appealed to traders in the country to shun making utmost profits of the current economic quagmire to rip off consumers. The president who admitted that Ghana's economy is in great difficulty urged all stakeholders to "keep an eye out for the greater good", in the face of the cost of living crisis. The Ashanti Regional Chairman for Traders Advocacy Group Ghana TAGG, Mr. Owusu Boakye Samuel in an interview with OTEC News Kwame on Monday, October 31, 2022, however, pledged to support the government in measures rolled out to get the economy back on track. Mr. Boakye again called on traders across the country to cease the habit of slapping high margins on goods. "We as leaders of the traders have already told our members to take part in the country's move to restore the economy." "We have spoken to them extensively and so I believe our traders will be measured in their margins going forward.” He expressed optimism in the leadership of President Akuffo Addo and said they as traders are very sure the NPP government can turn things around.
