Reduce prices now – Nana Addo appeals to traders

• Posted on December 19, 2022December 19, 2022
• by Nana Kwesi Coomson
• Comment

President Nana Addo Dankwa Akufo-Addo is appealing to the business community to reduce the prices of goods and services as the cedi regains its strength.

The Ghana cedi in the past week has gained some significant strength against the US dollar with prices of fuel also recording substantial reduction.

According to the Bank of Ghana, the local currency is currently trading at GH¢8 on the interbank market with a litre of petrol and diesel selling at GH¢13 and GH¢16 respectively.

In view of this, President Akufo-Addo says, it is just fair for prices of goods and services to be reduced, taking into consideration, the gains the cedi is recording.

“I add my voice to those of GUTA, GRTCC and others, to appeal to manufacturers, traders and transport operators, that with the height of the cedi’s recent depreciation and increased prices of goods and services, to reduce their prices of goods and services now that the cedi is regaining much of its strength. I believe this is not only a fair request but also a just one.”

President Akufo-Addo was speaking during the Centenary Celebration of the Ga Presbytery of the Presbyterian Church of Ghana, where he called on Ghanaians to support his government in reviving the economy.

He attributed the appreciation of the cedi against the dollar to the prudent financial decisions the government has taken to revive the economy.

Nana Akufo-Addo also said the staff-level agreement with the International Monetary Fund (IMF) and the improvement of forex inflows from remittances among others will later yield more positive results and further stabilize the economy.

“Things are beginning to turn around, what seemed impossible yesterday is now becoming possible. Today the cedis is appreciating against the dollar and all major currencies and the prices of petroleum products are reducing at the pumps.

“The strengthening of the cedi has not happened by chance but the deliberate policies of the government in collaboration with the Bank of Ghana.”

-Citi