Business Operators in the Western Region Unconvinced by the Performance of the Ghana Cedi

• Business operators in the Western Region are hesitant to reduce prices, citing uncertainty in the dollar-cedi performance
• Despite calls for price cuts due to a strengthening cedi and falling fuel prices, most commodity prices remain unchanged
• Experts suggest that businesses are taking a cautious approach, with some consumers feeling the pinch as they await more stability

Most business operators in the Western Region are hesitant to reduce the prices of their goods and services, citing uncertainty in the performance of the dollar against the cedi.

Checks by YEN.com.gh showed that the prices of most commodities remain unchanged, despite calls for business owners to respond to a reduction in fuel prices, coupled with the strengthening of the cedi.

Experts say that since businesses do not thrive in a turbulent environment, it is clear that business managers are being extra cautious.

Although the cedi is appreciating against the greenbuck, prices of goods and services are not coming down as expected by consumers.

According to financial expert, Richard Adjorlolo, traders are being smart by avoiding uncertainty and playing the "wait and see" card.

For him, this is a better approach for them to adopt, even though consumers are suffering.

“Yes, the consumer is feeling the pinch, but this is a better way businesses can deal with the situation till they are certain they are dealing with something realistic before they can go ahead with reducing prices,” he said.

Traders in Western Region blame manufacturers

At Komoyie supermarket, a pack of sausages has been reduced from GH₵24 to GH₵19, while spaghetti is currently being sold at GH₵7 from GH₵9.

Beef parte, which used to be sold at GH₵25, is now being bought at GH₵21. 5/5 rice has been reduced to GH₵370 from GH₵440.

Zein, the manager of GMart at Anaji Estate in Effiakwesimintsim Municipality, said that most commodity manufacturers have yet to reduce their prices; hence, GMart has not done so either.

The only two items that have experienced a reduction are rice and cooking oil. According to her, companies such as Nestle, Unilever, OLAM, and Promasidor have not reduced prices.

Currently, 5/5 rice at GMart has been reduced from GH₵440 to GH₵370, with cooking oil pegged at GH₵180, reduced from GH₵200.

The prices of most mineral water brands have yet to experience a significant decrease.

Zein said that prices are instead increasing due to a shortage in the market. The same can be said about biscuits, which are being sold at the old price.

Cynthia, the pharmacist at Premium Health Pharmacy in Anaji, said that the medicines sold there are still priced at the old rates.

She explained that reducing the prices would lead to losses but assured consumers that they would see a reduction once new stock arrives.

However, food vendors expressed joy at seeing foodstuff prices go down, with optimism that they will continue to reduce.

The nosedive in prices has also been reflected in the size and cost of meals sold, according to Adwoa, the manager of Charms Foods near Jopezi Pharmacy in Anaji.

Street vendors in Ho seek Mahama's help

Earlier, YEN.com.gh reported that a trader in Ho called for President Mahama's intervention after authorities destroyed goods during a clampdown on street vendors.

Ho vendors and residents expressed frustration at the situation, saying the evictions had threatened their livelihoods.

Similar action had been taken in Accra, where vendors were fined and stricter regulations were enforced to reduce congestion.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh