Nana Poku, General Secretary of the Traders Advocacy Group, Ghana, has noted that the ongoing depreciation of the cedi against major currencies like the US dollar shows no sign of abating, preventing a drop in prices of goods and services.
Soaring inflation and the weakening local currency have caused prices to skyrocket. Traders now spend hundreds of thousands of cedis to acquire a few thousand dollars for their imports.
Currently, three pieces of tomatoes are selling for GHC10.00 due to rising costs. Market reports indicate that the price of a box of tomatoes, known as ‘adaka,’ has surged by 360 percent from GHC1,500 in January 2024 to between GHC6,000 and GHC7,000 as of June 4, 2024.
During an appearance on Accra-based TV3 on Tuesday, June 4, Mr. Poku expressed shock at the escalating prices of goods in the country. He also revealed that some traders are considering pricing their goods in dollars, a development he described as ‘worrying’ if it becomes widespread.
“I’m very amused with the prices that are being quoted out there. What we are about to experience will be more than what we are seeing now. Because now traders are comparing to price their wares in dollars, and it has started in some quarters”, Poku stated.
