Retailers, traders debunk profiteering claims

Retailers and traders have explained that the notion that they are taking advantage of the current economic hardships to cheat customers is false. According to them, the situation is beyond their control. Speaking to GhanaWeb Business in an exclusive interaction, Mama Akos who retails fabrics at the Makola market stated that, the rapid depreciation of the cedi continues to mount pressures on their business. She hinted that if the situation is not handled properly, most of her colleagues may go out of business. “Let me tell you something. Imagine I go to Togo with GH¢10,000 to buy 100 items, with the aim of selling them at GH¢120 each. When I was going to stock up, the exchange rate for the CFA was GH¢12.50, but before I get back here to sell, the CFA would have jumped to 15cedis and I have to make a profit. So, before I can get even my capital to restock again, I have to increase my prices. Also, remember that the price of everything has increased, if I’m not making a profit on my business, how can I afford basic things to take care of my family,” she told GhanaWeb. Mama Ako added: to say we are taking undue advantage is not fair. That is not the case. Water, electricity, fuel, transport fares, food, everything, has witnessed a price increase in such a short time. We are just surviving.” However, the Ghana Union of Traders’ Associations’ have suspended its strike after it received “goodwill” messages from the President and the Ga Mantse. Traders in Accra closed down their shops in protest of the rapid depreciation of the Ghana cedi against major trading currencies. The traders stated that the activities of the black market have been a major contributing factor to the cedi’s depreciation.