In a response to an earlier article I posted titled “Next Week By This Time You Will Be Begging The Military To Run The Whole Country”, an opera news user expressed sentiments that many Ghanaians seem to agree with.
He (assumed sex) submitted that the government plays no role to support the importation of goods by traders. Thus, it will be wrong for anyone to call for the military to intervene in the markets on suspicion that traders were hoarding goods.
Similar opinions have been shared by many people on social media platforms. These opinions started when some Ghanaians complained of outrageously high prices being charged by some traders and possible hoarding of goods due to the depreciating cedi.
Some Ghanaians suggested it may be a good idea to send the Military into markets to stop such practices.
The user said “in a country that produces nothing, that [the] Government has no role in the importation of goods; traders cannot be accused of hoarding goods. What traders import with their money is theirs. Let’s be clear about that”
Though many share similar sentiments and agree with him, others think otherwise.
Whatever the case may be, something must be done soon to curb the economic crisis. Otherwise, we may soon have to deal with harsh conditions like the days of “Kalabule” in times past.
Some traders have explained that it is not only about making profits on their goods but they are trying to avoid capital erosion. A situation where traders are unable to purchase new stocks despite making a profit on sold-out goods because the new producer price has increased beyond their initial capital and profits combined.
This happens when the local currency in this case the cedi loses value against major trading currencies like the US dollar. This was one of the reasons for the recent strike by GUTA.
Some basic commodities water have seen price hikes of up to 100% within this year. Christmas is yet to come and the situation is likely going to get worse.
The cedi is likely to depreciate more and trade at an estimated $1 to GH¢20 by December 2022. This will be due to more traders chasing the dollar to import goods for the festive season ahead.
TC.Oceans
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