The Committee on Trade, Industry, and Tourism has engaged key stakeholders within its purview to discuss the impact of the appreciation of the cedi on the prices of goods and services in the country.
The Chairman of the Committee, Alexander Roosevelt Hottordze, noted that the cedi’s relationship with the dollar affects most indicators for determining the prices of goods and services in the country, since most of the raw materials used by local businesses are imported.
โEven though we have oil, the fuel sold by the Oil Marketing Companies in the downstream is mainly imported; as a result, changes in the exchange rates affect these items,โ he stated.
Commenting on issues at the port, the Chairman indicated that the Ghana Institute of Freight Forwarders has accused shipping lines and agents of charging unauthorized fees, including container administrative fees, processing fees, evacuation fees, container washing fees, and demurrage charges applied on weekends and public holidays.
โAs a committee, our mandate is to enquire into matters affecting trade and industry towards easing the cost of doing business in Ghana and making Ghana an investment hubโ he added.
In his presentation to the Committee, the President of the Ghana Union of Traders Association (GUTA) Mr. Joseph Obeng noted that, prices on certain items on the market have been reduced.
He however pleaded with the government through the Committee to ensure the stability in the exchange rate for consumers to continually enjoy reduction in prices.
The Committee also interacted with representatives from the Association of Ghana Industries, Importers & Exporters Association of Ghana, Pharmaceutical Manufacturers Association of Ghana, Ghana Institute of Freight Forwarders and Shipowners and Agents Association of Ghana.
The Committee is expected to meet the Ministry of Trade, Industry, and Tourism before presenting its report on the floor of the House.
