An Economist, Blessed Annan has attributed most of the economic woes to traders behavior contributing to economic hardship specifically on Ghanaian market which needs to be dealt with.
Speaking to Oheneba Kofi Dankwah, host of FAWE Fm’s Morning Show, Mr. Annan stated that, traders inflate prices immediately the Micro-economic indicators goes in their favor but reluctant to mitigate prices when the same indicators decline. Addressing Economic challenges whiles inflation and dollar to cedi ratio declined, he retorted that, traders must respond to the Micro-economic indicators to restore hope of the Ghanaian people.
He urged traders to be honest with prices paying attention to the Micro-economic indicators to subdue economic hardship since government do not control market prices. He added that, though to mitigate market prices as inflation and cedi-dollar declined requires time to respond in other to clear old stocks but a little reduction on goods will lessen hardship.
“Market women are quick to increase prices of good as soon as the cedi is high but refuse to reduce prices when it depreciate. I think it’s about time the traders know that the government is doing his best so they should support him. Though the government do not regulate prices on the market but listen to the cry of your people.”
Moreover, he emphasized on Ghana Statistical Service’s report indicating almost 95% of business are in the informal sector signifying the difficulties to regulate prices and traders behavior. He therefore suggested there should be a regulatory body to oversee prices adjustment citing the financial institutions.
“According to the Ghana Statistical Service’s report, it indicates that almost 95% of businesses are owned by private individuals so it will be difficult for the government to regulate market prices unlike the financial sector where Bank of Ghana Regulates their operations.”
Furthermore, Mr. Annan highlighted the exchange rate, inflation, Monitory policy and employment contributes to the economy. He reiterated that these factors determine market prices.
