Kofi Kapito, the executive secretary of the Consumer Protection Agency (CPA), has been harshly critical of members of the Ghana Union of Traders Association (GUTA) for refusing to lower commodity prices in spite of the government’s efforts to stimulate the economy.
His remarks follow government initiatives to reduce the price of petroleum and the Cedi’s weakening against the US dollar.
Due to the combined effects of the devaluation of the Cedi and the rise in the price of crude oil internationally, business owners increased the pricing of goods and services.
The scenario had a detrimental effect on people’s livelihoods and increased the cost of living in the nation.
The Cedi, however, has seen significant advances against the major foreign exchanges.
This is as a result of government’s effort to aid the growth of local businesses and sustain livelihoods.
Nevertheless, this has not reflected on prices of goods and services in the market.
Kofi Kapito, who was addressing the media on Tuesday, December 20, described the attitude of the traders as unfair, shady and unhealthy for Ghana’s economy.
He has demanded transport unions and GUTA members to use the same speed and alacrity to increase prices to reverse prices of commodities downwards.
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“We are operating in a free market so the CPA understands and appreciates the importers, retailers and transport unions but that doesn’t give them the advantage to not adhere to the same principles when it favours them and when it favours the consumer there shouldn’t be a challenge.
“I urge businesses to consider this to encourage free flow of commerce in the country because the worst situation is for consumers to either reduce their consumption or stop patronizing their businesses,” he reiterated.
He has maintained that it is only fair that the government’s effort in mitigating the cost of fuel and stabilizing the cedi would reflect in the prices of goods and commodities.
He affirmed that the CPA will continue to engage the traders to reduce the prices of goods significantly to cushion consumers.
