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Koforidua Market Women Increase Prices Of Goods Based on Current Forex Exchange Information

Traders in Koforidua Central market have expressed deep worries over the soaring prices of goods.

The traders said due to the depreciation of the cedis against dollars and CFA, they sell according to the prevailing exchange rates on the market and deliver to them every day via phone by suppliers who monitor the forex just so their capital is not eroded.

Some of the market queens in the Koforidua Central market alleged Kalabule era is back as everyone is increasing prices of his or her own will hence government must set up a taskforce for price control.

“We are suffering, prices are going up each day as a result of the dollar, the president should have a price control mechanism in place anytime the dollar goes up so that at least the police can ensure that everybody complies to sell at that price”.

“We take information from our suppliers about the dollar and the CFA rate against the cedis to sell so when information come through phone calls about further depreciation of the cedi, then everybody increases the prices so some are taking undue advantage for Kalabule prices so Kalabule is back ” some traders admitted.

The traders also want the President to be addressing the country on the economic quagmire to inspire hope.

“We are expecting the President to speak because we are interested to hear the fellow Ghanaians again , how can somebody sit in his shop and make only a call and the next moment he tells you the price has changed, a Chinese man who owns a shop in Koforidua here was selling a gallon of oil for Ghc 550 , the next morning he was selling it for Ghc 1,000 , the next moment he said we should go a new price will come , where is the price coming from? so we are urging the President to act now because things are becoming worse, even when the dollar goes up the rate of price increment is strange, you can sell at 5 million today and the next 10 million, even we don’t increase petrol by 100%, the talking is too much, we want the President to come out to do the fellow Ghanaians again”. The traders said.

Fish sellers at the Koforidua Central market blamed the shortage of premix fuel for the high fish prices as many fishermen have parked their canoes.

“Things are very tough now, we sell fish here but we are not getting the fish to sell at all, there is a shortage of premix fuel and because we are not getting the premix fuel we buy a gallon of petrol for Ghc 400 but that is not what the machines even use so it at times affect the bolts, another challenge is that there people who cut down the trees in the rivers which are now making it difficult for the bolts drivers to thigh rope around the tree to stop it anytime there is a storm, the fishes sometimes needs the shade of the trees to survive, when you complain too then they will arrest the people living around the area, so we are begging the President to come to our aid, because of the premix fuel if the fish is Ghc 1, we sell it at Ghc 3 “

Some of the traders also blamed wholesale outlets in Koforidua for weekly increases in the prices of products they sell to retailers.

Currently, wholesale price of 50kg of Oba rice is Gh690 whilst that of Rich cooking oil of 25liters Ghc920 wholesale price in Koforidua.

But the wholesalers mostly expatriates refuse to grant interviews but said the instability of the cedis and transportation costs are the main contributing factors.

Some jewelry shop owners also said “the dollar rate is affecting us as well as the e- levy because anytime you want to send money to your customer they deduct e-levy from it which is an additional cost that we have to bear, at first we were able to sell on credit but now you can’t sell on credit as a result of the rapid increase of the dollar because by the time he or she brings the money the dollar would have changed and prices have gone up , so things are very bad and difficult in current times”.

Eastern Region maintained its lead as the region with the highest inflation rate among the 16 regions in the country with a percentage of 47.1 above the national inflation rate of 37.2% in September.

President Akufo Addo on Sunday, October 23, 2022, met some market queens in the region in Koforidua to discuss how to understand the challenges facing them leading to rising in prices of goods.

Nana Ama Bonsu and Nana Yaa Serwaa both market queens said the president assured them of constructing major markets in the Eastern region. He also assured of addressing the current turbulence in the local market.

Some buyers are similarly worried about the price increments and want pragmatic measures taken to address the same urgently.

Source: Ansah

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