File photo: The economist indicated that the majority of goods sold in Ghana are imported
Ghanaian economist, Mr Emmanuel Amoah, has revealed that the cost of many goods sold in Ghana remains unchanged despite the cedi’s strength due to long shipping times.
“There are certain goods that take time to buy and time to sell. Cars, for instance, unlike consumables like tomatoes, will take some time before the change reflects in their pricing,” he stated.
Speaking in an interview on Happy 98.9FM’s Happy Morning Show, the economist indicated that the majority of goods sold in Ghana are imported and purchased at high prices.
“The turnaround time that traders observe is highly important because it is also a factor that contributes to the pricing of goods,” he explained.
Mr Amoah encouraged traders to set prices that correlate with the strength of the cedi against the dollar, as other sectors implement changes.
“Once the cedi has been strengthened, you should do the right thing by also allowing the changes to reflect in the pricing of your goods,” he urged.