Trade Minister urges traders to reduce prices as cedi strengthens

The Minister for Trade, Industry, and Agribusiness, and Member of Parliament for Techiman North, Hon. Elizabeth Ofosu-Adjare, has called on traders across the country to reduce the prices of goods in response to the recent appreciation of the Ghanaian cedi against the US dollar.

Speaking on The Pulse on JoyNews, Hon. Elizabeth Ofosu-Adjare stated that the government has implemented significant measures to stabilize the economy, particularly by strengthening the cedi, and emphasized that it is only fair for traders to reflect these improvements in their pricing.

“If government has been able to achieve this, I’m sure that it is good that everybody in the country benefit from it and so we’ll continue to engage GUTA and the trade association to ensure that they see reason to make sure that we all benefit from the business environment that excellency John Dramani Mahama and Ghanaians have created.” She stated

According to her, although the government does not directly control market prices, it has a responsibility to create an enabling environment for businesses to thrive. In turn, she believes traders also have a duty to pass on the benefits of a stabilized economy to consumers.

She encouraged traders to be magnanimous and responsive to the positive economic indicators, noting that such actions would help foster a virtuous cycle of government responsiveness and public trust.

“The government has tried, the government has created an enabling environment for businesses to thrive, our cedi has become strong. Anytime the cedi depreciates, traders increase their prices. It is just fair it is just conscionable that prices are reduced to reflect the measures that government has put in place.

“If the traders are magnanimous enough to reduce their prices, it will also encourage government to keep on doing all the right things because government will know that once it does the right thing, every citizen will benefit and I’m sure that the traders are benefiting and they will benefit more if they really bring the prices to terms with the rate of the cedi to the dollar.” She said.

Hon. Elizabeth Ofosu-Adjare continued, “If you are listening to me, Minister for Trade, Agribusiness and Industry, your Sector Minister is here. We know that government does not control prices but we also know that it’s the duty of the government to create an enabling environment for your businesses to thrive. It is just fair that you also reduce your prices so that everybody can benefit even as you also benefit.

Source: Elvisanokyenews.net