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29.11.2007 Business & Finance

Trade Minister Urges Traders Not To Increase Prices

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The Minister for Trade, Industry, Private Sector Development and PSI, Mr Joe Baidoe-Ansah has expressed his concern about reports of increase in prices of commodities and urged traders to desist from that.

 

He said the 2008 budget read in parliament recently did not touch on price increases of goods and services to warrant the upward adjustments by traders, which could create economic hardship for consumers.

   

 The Minister urged both Industrialists and traders not to take advantage of the Christmas to unduly raise prices of goods.

  The Minister made the remark when he toured the Tema Community one central market to ascertain the truth in the reports of the increases.

    

 The traders told him that the factories have increased their ex-factory prices, thus their action. He reaffirmed government's determination to encourage the private sector's participation in business and had created the enabling environment for investor attraction, and urged the traders not to abuse the golden opportunity.

 

 The Minister also visited Nestle Ghana Limited where the Managing Director (MD), Mr Herve Durantiou led him to tour the various sections of the company to see their operations.

 

The MD explained that the nationwide power crisis affected production, but was now picking up.  He said the factory has a maximum annual production of 50,000 metric tones and was currently producing at half capacity, adding that, their products are for both the local market and for export, especially to the sub-region.

 

Mr Durantiou said they have embarked on an expansion programme of all the sections of the factory at the cost of GH¢16 million

 

 The Minister, who was accompanied by officials of the Ministry as well as Mr David Quaye Annang, Tema Metropolitan Chief Executive, had earlier held a close door meeting with them.

 

 

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