Akufo-Addo appeals to traders over high profits
Traders have been urged by President Nana Akufo-Addo to exercise caution when requesting margins for their goods.
Since “we are in crisis together,” according to President Akufo-Addo, traders should “not strive to earn the highest profits out of the current challenges.”
He urged merchants to “all keep an eye out for the greater good” as opposed to focusing only on the potential for excess profit.
“The large margins that some traders are putting on commodities, out of concern of future increased costs, are another element feeding the high pricing, according to the market experts. I tell our traders that we are all invested in this outcome. Please allow us to be evaluated by the margins we want.
When he addressed the nation on the economy on Sunday, he made this request.
Due to the continual depreciation of the cedi and rising inflation, dealers have been enforcing outrageous pricing for commodities for a while now.
Currently available data from the Ghana Statistical Service shows that in August 2022, inflation spiked to 33.9%, the highest level in 21 years.
As a result, interest rates are anticipated to rise higher, increasing the cost of borrowing.
In the meantime, President Akufo-Addo has made suggestions that a deal with the IMF might be reached before the end of the year.