Dr. Ekwow Spio Garbrah, a former Minister of Trade and Industry, has called for the introduction of price control institutions to regulate the pricing of goods and services in the country.
Dr Spio Garbrah’s comment comes after intensified calls for a reduction in the prices of goods and services after the cedi recently appreciated against the dollar.
Speaking in a interview, Dr Ekwow Spio-Garbrah indicated that a price-regulated environment will help solve the insensitive profiteering by some traders in the country.
“There are things about our country that do not make prices of goods stable and give people a free for all environment. Anybody can sell anything to you at any price.
“It doesn’t happen in many countries. Those are regulated environments some of which we must introduce to curb astronomical increases in prices which we don’t seem to have control over.”Dr Gabrah
The Ghana cedi gained some significant strength against the US dollar with prices of petroleum products recording substantial reduction.
It will be recalled that President Akuffo Addo recently appealed to the business community to reduce the prices during his speech at the centenary celebration of the Ga Presbytery of the Presbyterian Church of Ghana.
President Akuffo Addo stated that, “it is just fair for prices of goods and services to be reduced, taking into consideration, the gains the cedi is recording.”
“I add my voice to those of GUTA, GRTCC and others, to appeal to manufacturers, traders and transport operators, that with the height of the cedi’s recent depreciation and increased prices of goods and services, to reduce their prices of goods and services now that the cedi is regaining much of its strength. I believe this is not only a fair request but also a just one.”Dr Gabrah
Majority In Parliament Appeals To GUTA
The majority caucus in parliament fervently urged traders to abide by GUTA’s request that market prices be decreased.
Owing to the recent appreciation of the Ghana cedi and the subsequent reduction in the prices of petroleum products, GUTA directed its members to decrease the prices of their products. However, most traders have yet to obey the directive.
Speaking in an interview, Deputy Majority Leader, Alexander Afenyo-Markin, emphasized on the need for traders to reduce the prices of their commodities.
“I heard the GUTA president calling on members to reduce prices. I will repeat the same call to the business men 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.”Afenyo Markin
A surge in the price of fuel and the depreciation of the Ghana cedi affected the prices of goods and services on the Ghanaian market.
As of November 1, 2022, a dollar was selling at GH¢13.55 at forex bureaus in the country and GH¢13.01 per dollar per interbank rate.
A litre of petrol was also going for GH¢19 and diesel GH¢23 , within the same period. Prices of goods on the market went up subsequently, compounding the hardships for the average Ghanaian. Traders attributed the hikes in the prices of products on the market to these developments.