Secretary General of Ghana Federation of Labour, Abraham Koomson
The Secretary General of the Ghana Federation of Labour (GFL), Abraham Koomson, has expressed concern over traders’ reluctance to reduce commodity prices, despite the recent appreciation of the cedi against major trading currencies, particularly the US dollar.
According to him, although petroleum prices -petrol and diesel – have dropped at various pumps, the prices of essential goods remain high.
Speaking on Ahotor FM’s Yepe Ahunu show on Saturday, May 31, 2025, he noted that the failure of market prices to reflect the improved exchange rate undermines the economic relief expected by ordinary Ghanaians, especially the working class.
“The strengthened cedi is encouraging, and its impact on fuel prices is significant. However, essential commodity prices are taking too long to adjust, while workers’ incomes remain stagnant, eroding their purchasing power,” he said.
He added that; “If the prices of essential commodities are not reduced as the cedi continues to appreciate, the working class will lose out on the government’s Reset Agenda.”
Koomson called on the government to enforce price regulations, stating that such a move aligns with its goal of reducing the high cost of living in the country.
“Since the government’s financial and economic policies aim to lower the cost of living, stringent measures must be put in place to ensure immediate compliance with price regulations,” he stated.
The cedi is currently trading at GH¢10.28 per $1 on the interbank market.
The British pound is being bought at GH¢13.84 and sold at GH¢13.86, while the euro is trading at a buying price of GH¢11.66 and a selling price of GH¢11.67.
SA/EB
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