Traders See Current Exchange Rate as ‘Cosmetic’ – Dr. Owoahene
Dr. Owoahene Acheampong, a lecturer at the Kwame Nkrumah University of Science and Technology (KNUST), has attributed the reluctance of traders to reduce prices despite the cedi’s appreciation to a lack of trust in the government.
According to Dr. Acheampong, traders are skeptical about the sustainability of the current exchange rate, viewing it as “cosmetic” or “artificial.”
The Minister of Trade and Industry’s recent meeting with the Ghana Union of Traders Association (GUTA) resulted in an agreement to reduce prices after 60 days. Dr. Acheampong believes this delay is due to traders’ concerns that the exchange rate may fluctuate, causing them to incur losses if they reduce prices prematurely.
“It should have been a natural occurrence for traders to reduce prices, but because they don’t trust the current situation, they’ve decided to monitor it for 60 days first,” Dr. Acheampong explained.
