Many traders and companies increased the price of their goods and services as the cedi rapidly lost its value against the dollar and other major currencies . The cedi rose from $2.30 to $3.80 in just 6 months . That's a little over 60% increment . So the rise of the cost of services wasn't that much of a surprise. DSTV for example increased the cost of their premium service from GHc230 to GHc320 in August.
Many stakeholders anticipated that the cedi will continue in its depreciation but suprisingly it did exactly the opposite . Within 3 weeks of September, the cedi had moved from $3.80 to $3.10.
Now to the main question. It has been a month since the cedi fought and won against the major trading currencies and business analysts have predicted more gains for the cedi as the government of Ghana have started talks with the IMF to find more ways of stabilizing the economy of Ghana. So why are the prices of goods and services increasing instead of decreasing with the cedi? Which government organization monitors the fair cost of goods in Ghana?(that is if we even have one ).
And most importantly will we ever get answers to any of these questions?
Blogger Comment
Facebook Comment