The Appreciation of the Ghana Cedi Sparks Reduction in Goods and Services however?

Ghanaians are beginning to catch a sight of the positive changes in the economy as the nation’s currency continues to show substantial appreciation against major foreign currencies. This extraordinary development has brought relief to countless Ghanaians who have long felt the burden of the rising cost of goods and services in the country. There has been a notable reduction in prices across certain sectors. Some household name companies such as Hisense and Latex Foam, Melcom etc. have reduced prices tremendously. (let me set the records straight- here and now that, I am not advertising for any company however truth be told, I made purchases from these companies before and after the cedi appreciation).

For the production of this piece, I personally sampled goods and service to experience for myself how the economic recovery is performing in real-time and I can confidently tell you that it is not only on paper as some individuals would like us to believe but really felt physically in the pockets of Ghanaians.

For instance, two weeks ago, I went round a couple of shops, including Hisense's showroom where a 243-litre double-door fridge which retailed at Six Thousand Ghana Cedis (6,000) then is selling at four thousand- one hundred cedis (4,100) as of today.

This sharp drop in price by a whooping GHS 1900 does not only reflect the solidification of the Ghana cedi but also demonstrates Hisense’s commitment to fairness and customer care. Almost everything in that shop has been reduced by about 30%,

In a time when many businesses might be tempted to maintain old prices despite favorable currency shifts, Hisense, Melcom , Latex Foam and others have taken a bold and commendable step to pass on the fruits emanating from the cedi's performance to Ghanaian consumers. I believe these companies deserve a round of applause for this responsible and patriotic move. Ayekooo.

Equally deserving of recognition is His Excellency President John Dramani Mahama and the National Democratic Congress (NDC) Government's economic team led by Professor Jane Naana Opoku-Agyemang with her immaculate Minister of Finance Dr. Cassiel Ato Forson at the steering wheel of Ghana’s new finance Wagon.

Their impeccable, clear and exceptional vision, strategy and consistent hard work coupled with economic prudence have helped restore confidence in Ghana's financial trajectory.

Even though many economic specialists have credited Mahama’s past experiences and mistakes as the core contributing factors to the strong stability of the currency and the subsequent investor optimism in the country, let no one overlook or underestimate the deliberate and calculated moves and efforts of the economic team because, in the absence of wisdom and clear direction, the anchor of honesty and accountability, the lessons of the past are whispers lost in the wind.

Lest I forget the goal of this discourse, the appreciation of the currency should not be the end of the story instead: it should be the beginning of economic emancipation of all Ghanaians. If a couple of companies like Hisense and Latex Foam can reduce prices dramatically by about 30% in response to the Cedi appreciation, all other companies can and should follow suit.

It is time for cement manufacturers and producers of other building materials such as roofing sheets, nails, iron rods tiles etc., to take action, be patriotic and fair to Ghanaians by reducing prices, and reciprocate the goodwill and diligent work of the John Dramani Mahama and the NDC Government.

The high cost of building materials has not only locked families out of home ownership and driving them into a rental market with skyrocketing prices but has also caused them to abandon uncompleted projects to the mercy of the weather and thieves who are seriously causing pain to injury of would be land lords by removing iron rods and electrical wiring of such buildings.

Dropping prices of these essential supplies will not only echo the current economic reality and trigger investments and innovative ideas but also empower families to complete their homes and feel that sense of peace and some accomplishment.

Accordingly, in light of the current cedi appreciation, corresponding price drops are a necessary step towards national development and social equity. A downward trend in the price of construction materials can stimulate the housing sector, create jobs, and reduce the pressure on urban rentals significantly.

Ghana is certainly moving in the right direction, nonetheless, there is a need for everyone to play their part assiduously especially, individuals with transferable skills and private businesses. Let us join hands in acknowledging and recognizing the critical role of the NDC and the John Dramani Mahama government in setting the foundation for a better Ghana agenda.

While Ghanaians duly appreciate companies that have already reduced prices we say shame on those unwilling companies - indeed, the retting agenda is on course!

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