Frank Otuo Acheampong, a communicator for the National Democratic Congress (NDC), has expressed understanding regarding the Ghana Union of Traders Association’s (GUTA) stance on delaying price reductions for goods following the recent appreciation of the Ghanaian cedi against the US dollar. Speaking on Kessben TV, Acheampong acknowledged the complexities involved in adjusting prices promptly.
GUTA had previously stated that it would take approximately two months for the benefits of the cedi’s appreciation to reflect in the prices of goods. This timeline accounts for factors such as existing inventory purchased at higher costs and the need for traders to adjust their pricing strategies accordingly.
Acheampong emphasized that while consumers anticipate immediate price reductions, the realities of business operations necessitate a more gradual approach. He noted that traders must manage their stock levels and financial commitments before implementing price changes. Therefore, the two-month wait suggested by GUTA is a reasonable period for these adjustments to occur.
The NDC communicator further highlighted that such delays are not uncommon in the business world, especially when external factors like currency fluctuations impact pricing structures. He urged consumers to exercise patience and understanding, recognizing that the adjustments are in progress and will benefit them in the near future.
The collaboration between GUTA and the business community aims to ensure that the advantages of the cedi’s appreciation are passed on to consumers in a sustainable manner.
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