The Ghana Union of Traders’ Association (GUTA) and the Association of Ghana Industries (AGI) have requested for a 60-day window to reduce prices of commodities amid the continuous appreciation of the cedi.
That was to allow for more time to ensure the stability and predictability of the local currency and for the clearance of existing inventories, they said.
They made the request at a meeting between the heads of GUTA and AGI and the Ministry of Trade, Industry and Agribusiness on Wednesday.
Mrs Elizabeth Ofosu-Adjare, the sector minister, said even though the Government did not have the power to regulate prices of goods and services in a free market, it still had a role to play in the negotiation of prices of commodities.
She noted that as government continued to create an enabling environment for businesses to thrive, it was fair that businesses transferred part of their dividends to customers when the opportunity availed itself.
“We are all working together as a country so that the cost of living will reduce,” the Minister said.
“I’m happy to inform you that the direct importers have agreed to reduce their prices and some have already started that.”
Dr Joseph Obeng, the President, GUTA, urged the Government to ensure the stability of the currency to guarantee the reduction of prices in the coming months.
“We depend on our customers, the consuming public, to survive. As businesses there’s no way we will not share any gains when we have it. When we have it, we will share with you,” he said.
Dr Humphrey Ayim-Darke, the President of AGI, called for austerity in fiscal expenditures of government so as not to erode the gains made over the past months.
“The stability is what we’re seeking to attain together. Currently, it’s an appreciation that we are gaining, but for purposes of predictability and planning, we cry for stability,” he said.
GNA