The Committee on Trade, Industry, and Tourism of Parliament has summoned the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), the Spare Parts Dealers Association, and other key industry players over their refusal to reduce the prices of goods and services.
This comes amid mounting calls for price reductions following the appreciation of the Ghana cedi and a recent drop in fuel prices.
However, many traders have maintained that they are not ready to slash prices, citing the need to first clear existing stock purchased at higher costs.
Despite this explanation, Parliament has called on them to justify their stance.
Committee Chairman Alexander Gabby Hottor-Dze acknowledged that although there have been some price reductions, they do not match the level expected given the cedi’s appreciation.
“There has been price reduction in some quarters, but these are not commensurate with the impact of the appreciation of the cedi,” he said.
He explained the rationale for the meeting: “The Committee on Trade, Industry, and Tourism called for this engagement to inquire into why businesses and service providers are reluctant to reduce their prices, the impact on the economy, and the way forward.”
“We have assembled here most of the relevant stakeholders who would assist the committee to deliberate on the matter,” he added.
Last month, the Abossey Okai Spare Parts Dealers Association in the Greater Accra Region directed its members to reduce prices — a move expected to bring some relief to consumers and potentially trigger reductions in transport fares.
GUTA also hinted at similar price cuts in response to the cedi’s strong performance.
However, consumers say the cost of goods and services on the market remains high, despite these assurances.
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