The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng has disclosed that, consumers are more powerful than retailers in the trade chain so they should recognize that by determining market prices.
According to him, the competition in most markets in the country is high as many traders who sell a common commodity are always confined to one market area so consumers can reward the low price seller by buying from them and ignore high price traders.
He continued that, if consumers are to recognize this competitive power and do that, they can influence prices in the market to come down as high price traders may be forced to reduce their prices to make sales.
He added that, there is no price regime so the government has no power to determine how traders should price their goods that is why there is high inflation in our markets.
He said that, the only thing that accounts for pricing is the competition in the market so consumers should capitalize on that.
Dr. Joseph appealed to the trading communities to reduce the prices of goods and services in accordance with the current appreciation of the Cedi against the major trading currencies.
He advised, Traders to stop overpricing their goods for the consumer else they will end up not making sales early and may find it hard restocking their goods.
He stressed that, this is because the dollar is decreasing in value to the cedi so if you bought goods at a high cedi value to sell and refuse to reduce prices to make fast sales, your goods may end up devaluating in price which may impose losses.
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