I had the opportunity of engaging the major wholesalers and retailers of consumables in the Akyem Oda constituency as a results of the galloping price hikes the various markets in Ghana have experienced in recent times.
The meeting which was attended by the business owners was to find out the reasons behind the price hikes and how to arrest such development.
It was interesting to know that the major producers of the everyday commodities like oil, rice and some food items took advantage of the dollar speculations and pegged their prices. I was surprised to read from one of the retailers that they had been advised to adjust their prices higher to reflect an exchange rate of 16ghc to a dollar.
I can’t recount when a dollar was sold for 16ghc and so wondered why a major producer of cooking oil could advise its wholesalers and retailers to adjust their prices. The traders themselves were surprised at the development and blamed government for creating a loophole for the people to be exploited.
One major wholesaler of rice revealed that in the wake of price hikes of rice, they concentrated on some locally produced rice and made sure they drove the sale. It was refreshing to note that these traders were ready to be major agents for the products of the rice factory that is under construction in the Akyem Oda constituency.
As the Vice Chair of the Trade and Industry Committee in Parliament, I must say, the meeting was an eye opener.
