Prices of products in Ghana have most often lowered, and buyers who refuse to regulate their costs are simplest hurting themselves, President of the Ghana Union of Traders’ Associations (GUTA), Clement Boateng, has mentioned.

Speaking on Joy News’ PM Express on Monday, Mr Boateng mentioned the cedi’s appreciation has created beneficial properties for the company neighborhood, and the ones beneficial properties will have to be handed directly to customers.

He criticised what he described as a planned refusal by means of some buyers to cut back costs, at the same time as enter prices have fallen.

“I see the action of not wanting to reduce prices as a deliberate issue,” he mentioned, arguing that some other people refuse to regulate costs “irrespective of the fact that the commodity, some of the commodity, commodities that he’s using… has gone down.”

According to him, the issue is going past company choices and displays an angle available on the market.

“And I see that as an attitude of some of Ghanaians that, irrespective of whatever situation that we find ourselves, we will not let our compatriots also enjoy the gains that we have made,” he mentioned.

Mr Boateng maintained that the cedi’s appreciation is now not doubtful and has been sustained for a while.

“It is an undeniable fact that the cedi has appreciated for quite some time,” he mentioned.

He added that the company neighborhood has benefited, and it’s only truthful that customers additionally see aid of their costs.

“The business community has made some gains. So definitely, the gains that we have made, we are supposed to also pass it on to the consumer, for the consumer to also enjoy a bit of what has happened in the marketplace,” he mentioned.

When requested immediately by means of the host whether or not that had came about, the GUTA President used to be emphatic. “It has happened across the board. Yes, across board,” he insisted.

However, he admitted there are exceptions, describing them as “bad nuts in every community.”

“People have made up their mind that they will not reduce their prices,” he mentioned.

But Mr Boateng warned that such buyers perform in a aggressive setting the place refusing to cut back costs can backfire.

“And I pity those people, because the market that we are in is a very, very competitive market,” he mentioned.

He defined that almost all companies depend on credit score amenities and turnover, which means buyers can’t manage to pay for to carry items whilst others promote temporarily.

“The business that we do, we use facilities in doing the business, and businesses thrive on turnover,” he famous.

He cautioned that any dealer who insists on holding costs prime will lose consumers to competition who promote sooner and restock extra temporarily.

“So if you sit behind your goods… and you will say, you will not reduce it for the consumer… you do so at your own expense,” he mentioned.

“Your neighbour will sell fast and then bring in more goods to make the turnover that he wants, and his business will thrive, and then you will sit beside your goods, and will not make any sales,” he added.

Mr Boateng mentioned the wider proof of falling costs could also be obvious within the achievement of inflation.

“So I can tell you for a fact that generally, prices have gone down. And that is why inflation also seems to be going down,” he mentioned.

To give an explanation for his level, the GUTA President outlined inflation because the buying energy of cash.

“What does inflation mean? Inflation simply means having a purchasing value of your money on either goods or services,” he mentioned.

And at the key factor of costs, he concluded with a corporation conclusion: “I can tell you clearly that, if you want to talk about prices of goods… prices of goods… have generally come down.”

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by means of Readers and Contributors in this platform don’t essentially constitute the perspectives or coverage of Multimedia Group Limited.