What Ghanaians know is increasing prices. That’s why it’s difficult to reduce prices even when the dollar rate has gone down – Nana Biribireba Boateng
Nana Biribireba Boateng, Chief Executive Officer of Christal Mining Consult, has explained why prices of goods and services remain high despite the recent fall in the dollar rate.
Speaking on Kessben FM with KOD, he stated that what many Ghanaians are experiencing is the reality of increasing underlying costs in the economy.
According to him, “what Ghanaians know is increasing,” referring to production, transportation, energy, and operational costs that businesses face daily. He noted that these cost increases make it difficult for traders and service providers to reduce prices immediately, even when the cedi gains strength against the dollar.
Nana Biribireba Boateng emphasized that exchange rate movements alone do not determine prices in the market. He explained that once prices go up due to high costs over time, reversing them requires sustained stability and a reduction in other key expenses.
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