Cedi appreciation: I Strongly Disagree With GUTA’s Directive To Traders To Reduce Prices – Dr. George
Development Economist, Dr. George Domfeh has kicked against GUTA’s directive to its traders to adjust the prices of commodities downwards in line with the cedi appreciation.
The Ghana Union of Traders’ Associations (GUTA) has called on members of the trading community to review and adjust the prices of goods and services as Ghana’s currency improves against the US Dollar.
In a statement signed by GUTA President, Dr. Joseph Obeng, the association noted they welcome the cedi appreciation and has asked its members to ensure it reflects in the pricing of their commodities.
“The Ghana Union of Traders’ Associations (GUTA) wishes to appeal to the trading community to adjust prices of goods and services to share the significant gains made by the appreciation of the cedi against the major trading currencies and bring some relief to the consuming public,” the statement read.
Addressing the matter during Peace FM’s “Kokrokoo” discussion show, Dr. Domfeh believed it is unadvisable for the traders to reduce their prices, arguing that the cedi might suffer again.
He explained on Kokrokoo that the improvement in the cedi is not an orchestration by the Mahama administration but rather it’s a result of the trade war between America and other countries, particularly China.
“Now, US and China are hoping to end their trade war. If they do, the dollar will rise and the cedi will fall again. When this happen and the traders have already reduced the price of their commodities, it will negatively impact them…As for me, I don’t agree with GUTA,” he told the host Nana Yaw Kesseh.
To Dr. George Domfeh, the prices remaining the same will help the traders a lot when the dollar comes back to normalcy.
Source: Ghmessenger.com
