Choicenewsonline Your Choice Is Here
Dr. Joseph Obeng, the president of the Ghana Union of Traders Association (GUTA), has revealed that some of the association’s members have begun lowering the pricing of commodities at the markets.
According to him, this is in response to requests from traders to lower prices as the cedi strengthens a little bit against the dollar.He did, however, clarify that due to recent market events, the price drop will occur gradually.
He claims that the decision was inspired by the cedi’s continued stability versus the U.S dollar during the previous three weeks, which has a beneficial effect on their enterprises and operations.
Dr. Obeng emphasized that since it may take some time for the price transfer to occur, it will be crucial for consumers to have reasonable expectations.
In light of the cedi’s recent stability versus the US dollar, dealers have come under pressure to reassess the prices of goods and other commodities on the market.
The dealers, however, have insisted that before prices are decreased, more time is required to accurately examine the situation.
According to Dr. Obeng, the products that are currently on the market were stockpiled during times when the cedi was rapidly depreciating.
