Kadjebi: 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.
According to Ghana News Agency, although the Cedi has strengthened against major currencies, patronage has not improved as expected, leaving traders concerned. Customer turnout has remained poor, with many buyers reluctant to make purchases even though the Cedi has shown a relatively stable performance in recent months.
Madam Ama Korkor, a foodstuffs seller, expressed her disappointment, noting that she had anticipated an increase in consumer confidence and demand following the Cedi’s appreciation. However, the reality has been contrary. ‘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.
Mr. Abdul-Rahman Fuseini, a clothing trader, echoed similar sentiments. He highlighted the challenges traders face in restocking due to low sales. ‘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 have attributed the low sales to the general economic hardship faced by households, suggesting that many people are struggling to afford basic goods and services, regardless of the currency’s performance. Others believe buyers are prioritizing essential expenses such as food and education, which impacts spending on other goods.
Residents argue that despite the Cedi’s appreciation, market prices have not significantly decreased to reflect this change, making bulk purchases difficult. Meanwhile, economic analysts suggest that the traders’ concerns highlight broader issues of inflationary pressures and weak consumer purchasing power, which cannot be resolved by currency appreciation alone.
The traders have appealed to the government to implement policies aimed at stabilizing the Cedi, reducing inflation, and improving household incomes to boost business activities in local markets like Poase-Cement.