Africa-Press – Ghana. Traders at the Poase-Cement Market in the Kadjebi District of the Oti Region are lamenting over low sales despite the recent appreciation of the Ghana Cedi against major foreign currencies.
They told during a market visit that although the Cedi has strengthened against major currencies, patronage has not improved as expected.
According to the traders, customer turnout has remained poor, with many buyers reluctant to make purchases, even though the Cedi has seen a relatively stable performance in recent months.
Madam Ama Korkor, a foodstuffs seller, said she expected that the Cedi’s appreciation would boost consumer confidence and increase demand, but the opposite seems to be the case.
“We thought business would improve when the Cedi picked up, but people are simply not buying. Sometimes we go home with most of our goods unsold,” she told the GNA.
A clothing trader, Mr. Abdul-Rahman Fuseini, also shared similar sentiments, stressing that low sales have made it difficult for them to restock. “The exchange rate is better now, but sales are still slow. If buyers don’t come, we cannot make profit to reinvest in our businesses,” he lamented.
Some traders attributed the low sales to the general economic hardship facing households, saying many people are struggling to afford basic goods and services, regardless of currency performance. Others believe the situation may also be due to buyers cutting down on non-essential spending while prioritizing food and education.
Residents, however, argue that although the Cedi has appreciated, prices of goods in the market have not seen significant reductions to reflect the change, making it difficult for them to purchase in large quantities.
Meanwhile, economic analysts say the traders’ concerns reflect a broader issue of inflationary pressures and weak consumer purchasing power, which cannot be addressed by currency appreciation alone.
The traders appealed to the government to implement policies that would not only stabilize the Cedi but also reduce inflation and improve household incomes to boost business activities in local markets like Poase-Cement.
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