A former Minister of Trade and Industry, Ekow Spio-Garbrah, has called for the government to set up a means of price control and regulation to tackle the absurd prices of items in the country.
Dr Spio-Garbrah told Citi News in an interview that will be the best way to control the out-of-control pricing employed by some traders in the country.
The issue of price controls has become topical recently following the cedi appreciating in recent weeks against the dollar yet traders continually refusing to reduce prices.
“There are things about our country that do not make prices of goods stable and give people a free for all environment. Anybody can sell anything to you at any price. It doesn’t happen in many countries. Those are regulated environments some of which we must introduce to curb astronomical increases in prices which we don’t seem to have control over.” he said.
The Ghana cedi gained some significant strength against the US dollar with prices of fuel also recording substantial reduction.
Despite calls for prices of goods to be reduced to match the new reality, traders have held firm.
In view of this, President Akufo-Addo appealed to them to reduce their prices, saying it is just fair for prices of goods and services to be reduced, taking into consideration, the gains the cedi is recording.
“I add my voice to those of GUTA, GRTCC and others, to appeal to manufacturers, traders and transport operators, that with the height of the cedi’s recent depreciation and increased prices of goods and services, to reduce their prices of goods and services now that the cedi is regaining much of its strength. I believe this is not only a fair request but also a just one.” he said.
Source: theGhanaianVoice.Com