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Representatives of traders and captains of industry have justified the slow pace in reduction of goods and services despite the relative stability of the cedi against the United States dollar and other major foreign currencies on the interbank trade market.
According to them, the pricing structure in Ghana was an open space and mostly determined by the market forces including the cost of financing, electricity tariffs, duties and taxes, and swing in inflation and factors of production.
They said, the recent appreciation of the Cedi against the dollar and other international trading currencies would not lead to immediate reduction in prices of goods and services on the market because some of the old stocks were in existence and that it would take some time to reflect.
They expressed the hope that the recent stable forex exchange and the Cedi’s appreciation would be sustained for a longer period so that it would reflect prices of goods and services.
These were some of the concerns expressed by traders, manufacturers and captains of industry during a stakeholder engagement, organised by Parliament’s Committee on Trade, Agribusinesses, Industry and Tourism at Parliament House in Accra on Tuesday.
The public hearing engagement with the industry stakeholders was to assess the impact of the Cedi’s appreciation on goods and services and the reason the prices of goods remained relatively high.
Some of the relevant stakeholders and agencies that took part in the meeting included the Ghana Union of Traders’ Association (GUTA), Association of Ghana Industries (AGIs), Importers and Exporters Association, Pharmaceutical Manufacturers Association and Ghana Institute of Freight Forwarders.
Mr Joseph Obeng, the President of the Ghana Union of Traders’ Association and Mr Seth Twum-Akwaboah, the Chief Executive Officer of the Association of Ghana Industries, took turns to explain the dynamics that influenced the pricing of goods and services, as well as other factors of production.
Mr Alexander Roosevelt Hottordze, the Chairman of the Trade, Agribusiness, Industry and Tourism Committee, in his welcome remarks, said the Speaker of Parliament, Alban Bagbin, had tasked them to work in the best interest of industry stakeholders and resolve any negative issue that could impact the lives of Ghanaians with urgency.
“This Ninth Parliament will not be doing business as usual. The Committee will support any initiative that promotes the welfare of the citizens and will not do anything to jeopardise the work of industry stakeholders,” he assured.
Mr Sampson Ahi, the Deputy Minister of Trade, Agribusiness and Industry, lauded GUTA and other stakeholders for collaborating with the government so far and pledged to support them to manufacture goods locally.
The overall goal for establishing the Parliamentary Committee on Trade, Agribusinesses, Industry and Tourism is to oversee trade related legislation, promote agribusiness and industrial development, as well as fostering sustainable tourism within the country.