Calls by Finance Minister for traders to reduce prices commendable

 The Finance Minister, Dr Cassiel Ato Baah Forson, has made an appeal to traders across the country to reduce the prices of goods, es­pecially food items, in response to the relative stability of the Ghanaian Cedi and improve­ments in the broader economy.

The appeal was made during a meeting with the Food and Beverage Association of Ghana, which was centered on easing the financial burden on consumers by aligning market prices with prevailing market and economic conditions.

The Ghana Union of Trad­ers Association (GUTA) has also joined the Minister’s call, encouraging its members to act in the interest of national economic recovery and consumer relief.

It is encouraging the assur­ance from the Minister that the recent appreciation of the Cedi is not a fluke but a direct result of deliberate and prudent economic planning.

The country has experienced similar periods of currency stability in the past, typically after changes in government. Unfortu­nately, such gains have often been short-lived.

We on The Ghanaian Times are hopeful that the current sta­bility is not a fleeting occurrence, but the result of sound fiscal and monetary policy that will be sustained.

Thus traders must play their part in reinforcing this positive trend by adjusting their pricing to reflect the current stability in the Cedi.

The rising cost of living in the country cannot be blamed solely on the depreciation of the Cedi or economic mismanagement.

In many cases, price hikes per­sist even after the variables that led to the initial increases, such as fuel prices or exchange rate fluctuations, have stabilised.

This is often due to excessive profiteering and an unwillingness among some traders to reduce prices when costs decline.

Food and transportation remain major drains on the disposable income of the average Ghanaian. Many workers are compelled to spend a substantial portion of their earnings on these two essentials, leaving little for health, education, or other basic needs.

This imbalance continues to place a heavy strain on house­holds.

Unfortunately, the country also faces a worrying trend of dollar­isation, where foreign currencies, particularly the US dollar, are prioritised in pricing goods and services.

This phenomenon has con­tributed to the artificial inflation of prices and must be addressed with urgency. When the Cedi depreciates, traders are quick to adjust prices upward. However, when the currency strengthens, there is rarely a corresponding reduction.

In some more stable Franco­phone countries such as Côte d’Ivoire, traders routinely reduce prices when their costs decline.

This culture of fairness and consumer sensitivity is one that Ghanaian traders should adopt. It reflects a mature understanding of how market forces ought to function in a liberal economy.

In the past, the government has attempted to implement price control measures during periods of economic strain.

Notably, in 1962, the Price Control Act was passed to regu­late pricing to protect consumers.

In more recent memory, at­tempts were made by the former Minister of Trade and Industry, Mr K.T Hammond, to legislate cement prices, but this was met with resistance from industry players.

It is not in the interest of traders to see the return of such regulatory measures, which, while well-intentioned, have often led to market distortions and abuses.

We believe that with goodwill, patriotism, and a sense of respon­sibility, traders can voluntarily adjust their prices in line with economic realities.

We commend the Finance Minister for engaging traders in dialogue and appealing to their conscience, rather than resorting to compulsion for traders to re­duce the prices of their products.

The Ghanaian Times entreats the government to take concrete steps to curb the dollarisation of the economy, such as enforc­ing regulations that prevent the pricing of goods and services in foreign currencies.

A properly regulated foreign exchange market, combined with discipline among traders, will help sustain the stability of the Cedi and ultimately ease the cost of living for the ordinary Ghanaian.

We on The Ghanaian Times believe now is the time for all stakeholders such as the govern­ment, traders, and consumers to work together in good faith to ensure a fairer, more stable econ­omy for all.

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