Cedi Appreciation: NPP MP Annoh-Dompreh Calls On Government To Address Soaring Prices As Local Currency Rises

• The Majority Chief Whip has called on the government to urgently put in place measures to address soaring prices of goods and services
• Frank Annoh-Dompreh’s demands come at a time the cedi is appreciating in value against the US dollar
• The Nsawam-Adoagyiri MP says although the cedi is rising in value people are yet to feel the impact

Frank Annoh-Dompreh, the majority chief whip has called on the government to urgently address the soaring prices of goods and services.

According to the Nsawam-Adoagyiri MP, prices have remained relatively the same despite the cedi’s appreciation in value to the United States dollar.

Annoh-Dompreh: People Are Yet To Feel Impact Of Cedi's Decline

In a statement in parliament on Thursday, December 15, 2022, the NPP MP said although there is a gradual appreciation of the cedi against the dollar, people are yet to feel the impact.

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Experts forecast worse times for cedi despite ‘magical’ appreciation against dollar

“While we are currently experiencing a turnaround from the depreciation, the expected economic relief is not being felt by the ordinary Ghanaian since goods are still being sold at high prices. I make this submission, urging the Executive to take additional measures directed at restoring prices of food items and other goods, to sustainable levels,” he said.

Cedi Gains Strength Against US Dollar

This demand comes at a time the cedi is gaining some strength against the US dollar.

After suffering a massive depreciation in value exceeding 50%, the cedi has in recent weeks gained some strength culminating in it moving from the worst to the best-performing currency against the dollar.

Fuel prices have also been reduced drastically leading but the average Ghanaian is yet to feel the impact of those reductions.

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Abossey Okai Spare Parts Dealers Association urge GPRTU to disregard claims of increase of spare parts prices

Transport Hikes: Abossey Okai Dealers Urge Ghanaians To Disregard GPRTU's Claims Of Increase In Spare Parts

Earlier, YEN.com.gh reported that spare parts dealers had denied claims of an increment in their goods.

This comes on the back of assertions by the Ghana Private Road Transport Union (GPRTU) that they are unable to reduce transport fares due to the recent increment in prices of spare parts and lubricants.

But in a sharp rebuttal, the Abossey Okai Spare Parts Dealers Association said their prices have remained stable for some time now.

Source: YEN.com.gh