The Ghana Used Clothing Dealers Association has disclosed that it will reduce the prices of second-hand clothing in the country by 30%.

According to the association, this has been made possible by the gains made by the cedi following its depreciation in previous months. This, it explained, will enable customers make more purchases ahead of the festive season.

“We send our regards and encourage the government to continue to implement measures that will help the appreciation of the cedi and bring relief into the business community in Ghana. In view of the current positive change in the value of the cedi, we have reduced the prices of the second hand clothing goods by 30% to our customers to facilitate easy buying and selling.”
Used Clothing Dealers Association

Contained in a press release, the association appealed to the public, particularly its members within the sector of second hand clothing to adjust their prices accordingly for customers to have a positive feel of the trend.

“We hope that the government will continue with the positive energy in stabilizing the value of the cedi as it appreciates and we will believe that the economic stability will be maintained with their immense efforts.”
Used Clothing Dealers Association

Meanwhile, the Majority in Parliament has reiterated calls on traders to consider reducing the prices of goods following the appreciation of the cedi.

The cedi within the last few days has been appreciating against the dollar, with a cross-section of the public demanding the reduction of prices of goods and services to reflect the current situation. The Deputy Majority Leader of Parliament, Alexander Afenyo-Markin, called for a collaborative effort in reviving the economy.

“I heard the GUTA President calling on members to reduce prices. I will repeat the same call to the businessmen and women, entrepreneurs and traders. If it was out of uncertainties and the currency market, you felt that you should increase prices for your goods, today things have changed. It is by reducing them that we will all benefit from the economy. So, it is my humble appeal that prices are reduced so that the ordinary Ghanaian can afford.”
Alexander Afenyo-Markin

President appeals to traders to reduce prices of goods

Prior to this, President Akufo-Addo appealed to the business community to reduce the prices of goods and services as the cedi regains its strength. He indicated that it is only fair for prices of goods and services to be reduced, taking into consideration, the gains the cedi is recording.

The President noted that the strengthening of the Cedi “has not happened by Chance,” but through the implementation of deliberate policies by the Government in collaboration with the Bank of Ghana.

These interventions, he stated, includes Cedi liquidity tightening measures resulting in the offloading of forex as a store of value by speculators, the improvement of forex inflows from remittances and the mining sectors, and the reaching of the staff-level agreement with the International Monetary Fund for a three-billion-dollar package.

President Akufo-Addo revealed that the government was determined to implement the appropriate policy measures to consolidate and sustain the gains made by the cedi in recent times.