Prices of goods in the Ghanaian market have astronomically been rising causing severe hardship on the living standard of the Ghanaian citizen which is not just an exempted issue but a general problem as the country’s economy lingers in crises.
Economic experts have highlighted a number of factors responsible for the stale that has been set in the Ghanaian economy. From the lame man’s point of view, there is the perception that pricing culture plays a major role in the drastic increase in prices of goods in the market. Pricing culture is primarily, how traders price their products for sale.
Ghana Union of Traders Association (GUTA) has disagreed that, pricing culture is not a factor in the increasing prices of goods.
Speaking on Opemsuo Radio with Agudey on the Nkwantananso morning show, Second Vice President, Mr. Charles Gyan said, traders, do not owe absolute control on goods pricing because the country’s economy in recent times will not favour them but will rather run at a loss.
Mr. Gyan explained that, exchange rate, which is the cedi-to-dollar ratio, importation which there have been increased, prices of raw materials in the diaspora, taxes, and the reversal of the Benchmark value are the major causes of the sharp increase in prices of goods.
In response to measures to curb the situation, the GUTA 2ND Vice President said, the government should be bold enough to initiate long-term measures to resolve the high level of economic hardship in the country which he thinks the One District One Factory is one. He stated that, most of the factories in Ghana import raw materials for production which after being converted into finished goods cannot be exported to generate income but are consumed internally.
He said the country imports virtually everything so the government must be bold enough to put proper structures in place by exploring more of the advantages with the country’s mineral resources like the gold, the timber, the Cocoa and the others.
Mr. Charles Gyan reiterated that, a high level of importation has eaten into the economy contributing to the current hardships in the country.
This is mainly because of the constant depreciation of the cedi, which must be talked about to resolve the economic crises.
Source: Opemsuo.com/ Emmanuel Owusu Anti