Market traders in Koforidua, Eastern Region, are optimistic that the recent decline in inflation will bring relief, allowing them to offer products at more affordable rates. The traders believe that lower commodity prices will benefit both them and consumers, increasing purchasing power and stimulating economic growth.
Facing the challenge of high inflation for some time, traders express hope that business activities will pick up after the holiday season. In December 2023, Ghana's inflation moderated for the fifth consecutive month, reaching 23.2%, down from 26.4% in November, according to Prof. Samuel Kobina Annin, the government statistician.
Traders in Koforidua emphasize the urgent need for a reduction in commodity prices to align with the recent decrease in the inflation rate. Ghana secured a $3 billion loan from the International Monetary Fund in May 2023 to address economic challenges, including high inflation, increasing unemployment, and currency depreciation.
While some traders express optimism, others, particularly sellers of perishable goods, voice concerns about the exorbitant cost of transportation from farm gates to market centers. The recent surge in transport fares has negatively impacted sales, forcing sellers to raise prices and hindering buyers from purchasing desired quantities. Traders urge transport operators to lower fees as inflation drops.
Ms. Faustina Amoako, a clothes seller, hopes the government continues efforts to control price growth and strengthen the currency. Mr. Kofi Adu, an electrical gadget dealer, expresses optimism for improvements in the coming months. However, challenges persist, and traders call for collaborative efforts to ensure a positive impact on both businesses and consumers.