President of the Ghana Union of Traders (GUTA), Dr Joseph Obeng, says its letter to traders to reduce prices to reflect the gains made by the cedi is an appeal.
He stated that leadership is not forcing members to reduce their prices but only making a passionate appeal.
”We are not a price control regime, so no one can force traders to reduce or increase their prices, but we are making an appeal to them. It is an important thing to do. Trading is not a one-way street; it is an interaction between business owners and customers, so if the local currency gains significantly, it is critical for traders to lower prices so that we can share the benefits while also attempting to recoup our losses,” he said in an interview on Rainbow Radio 87.5FM’s Frontline program.
He explained that the challenge here is that some traders have already purchased their wares at the old prices and will be unable to lower their prices.
He, however, admitted that we are in a competitive market and not a monopolistic market; hence, buyers will choose to trade with business owners who have reasonable prices.
Dr. Obeng also stated that importers would only reduce prices after purchasing new products at the current rate.
“But our appeal is that we should consider lowering prices so that we can share the gains made with the cedi with our customers,” he said.
He added that the appeal is to show good faith so that when the situation changes and the dollar rate rises and topples the cedi, the public can understand and adapt.
By: Rainbowradioonline.com/Ghana
