The recent depreciation of the dollar and reduction in fuel prices have sparked optimism among traders and consumers alike.
Leaders of traders’ unions in Ghana are expecting prices of goods and services to decrease in response to these economic shifts.
Mr. Johnson Kwabena Ankrah, Chairman of the Kumasi City Market Traders Union, has expressed confidence that prices will stabilize as a result of the government’s actions. However, he advised consumers to exercise patience for at least six months to allow the currency to stabilize further.
Nana Akari Ababio, President of the Ghana Traditional Caterers Association, has praised the government for its recent decisions. “I have never seen or experienced this ever since I was born,” she said, urging Ghanaians to appreciate the government’s efforts.
Victor Osei-Wusu, Secretary for the Ghana Traditional Caterers Association, reminded the public of a statement made by the past Vice President regarding the challenges of a weak currency. “When the fundamentals are weak, the dollar exchange will expose you,” he quoted, highlighting the importance of a stable economy.
The expected price reductions are likely to bring relief to consumers who have been struggling with high costs of living. As the economy continues to evolve, it remains to be seen how these changes will impact the market and consumers in the long term. Rebecca Owusu & Osei Kofi share their encounters with the consumers as sellers.
