By Emelia B. Addae
Koforidua, Jan. 31, GNA – Market traders in Koforidua in the Eastern region have expressed optimism that the tumbling inflation will finally bring some relief and allow them to offer their products at more affordable rates.
According to the traders, this would not benefit them alone but also the consumers, as lower commodity prices would increase purchasing power and stimulate economic growth.
In an interview with the Ghana News Agency in the New Juaben South Municipality, the traders said they have been facing the challenge of high inflation for quite some time, resulting in skyrocketing prices of goods and services.
They also expressed optimism that business activities would pick up after the Christmas and New Year festivities, as inflation continues to moderate for the fifth consecutive month, reaching 23.2 per cent in December 2023, down from 26.4 per cent in November.
According to Prof. Samuel Kobina Annin, the government statistician, the slower inflation in December could be attributed to the decreasing rates of food and non-food inflation.
As a response, some of the traders in Koforidua expressed the urgent need for a reduction in commodity prices to match the recent decrease in the inflation rate.
Last May, Ghana secured a $3 billion loan from the International Monetary Fund to help tackle its ongoing economic crisis.
The country has been facing challenges such as high inflation, increasing unemployment, and a weakening local currency against major trading currencies, particularly the US dollar.
Ghana’s annual inflation rate continued to decrease for the fifth consecutive month, with rates of 40.1 per cent in August, 38.1 per cent in September, and 35.2 per cent in October.
However, these figures remain much higher than the central bank’s target band of 6 to 10 per cent.
Ms. Faustina Amoako, a clothes seller, said, “It will be good if the government keeps taming the price growth and bolstering the currency as the months go by.”
While Mr. Kofi Adu, an electrical gadget dealer, noted, “We have just started the year, and I hope things will improve.”
Still, some sellers of perishable goods like tomatoes, onions, and cabbage voiced their worries about the exorbitant cost of transportation involved in moving their products from the farm gates to market centres.
According to Madam Hannah Osei, a seller of tomatoes, the recent surge in transport fares has had a negative impact on sales.
This is because the increased costs have forced sellers to raise prices on their products, resulting in buyers being unable to purchase them in the desired quantities.
She urged the transport operators to lower their fees as inflation drops.
GNA