Rev. Michael Yaoo Banson, Resident Pastor of Rehoboth Holyfire Revival Ministries International, has criticised traders for behaving like cartels, maintaining high prices and harming customers.
On Plan B FM’s Nyansapɔ Fie show with host Nana Asabea, he alleged traders form cartels to keep prices artificially high, preventing new market entrants from disrupting the status quo.
To tackle this problem, Rev. Banson suggests setting up Food Distribution Companies. These firms would establish a network to prevent traders from unjustifiably hiking food prices.
“While this venture would demand bold entrepreneurship, it could yield higher profits,” he said. Notably, Rev. Banson cautions against price control systems due to potential economic downsides.
Rev. Banson’s comments highlight the need for effective market regulation to protect consumers from unfair pricing practices. By promoting healthy competition and innovative solutions, it’s possible to create a more equitable market that benefits both traders and customers.
Lady Elizabeth Kesewaa Nortey, a renowned speaker and Creative Director of Kess Millinery and Beads, echoes Rev. Banson’s sentiments, calling for reduced prices of goods.
She suggests interrogating the heads of traders to understand their reasons for forming cartels and maintaining high prices. Lady Nortey advocates for a fair hearing and negotiations with traders to find a solution.
She also recommends that traders educate their subordinate traders on the importance of reducing prices to avoid spoilage and attract more customers.
“I bought a pear for GH₵50, which sounded absurd, but since I needed it, I bought it. It shouldn’t be so, and an explanation is needed,” Lady Nortey stressed.
By: Longman/Planbfmonline.com
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