5 happenings this week that could have an impact on your cost of living and purchasing power.
This week saw yet another increase in the price of petroleum products.
Despite the fact that experts had predicted the increase a week earlier, the impact was biting and drivers reacted angrily.
According to research done by JoyBusiness on October 16, some OMCs are now selling petrol per litre for ¢13.10 instead of the prior price of ¢11.10, a 16% increase.
Similar to petrol, the cost of diesel increased substantially, rising from around 13.99 to roughly 15.99 per litre. This is a 12% rise.
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But this was only the beginning of the upward adjustments that Ghanaians would have to deal with for the remainder of the workweek.
2. Transport fares
The Ghana Private Road Transport Union (GPRTU) declared that it would be unable to bear the load this development would bring.
In order to balance increases in fuel, lubricant, spare part, and tax prices, it suggested a 40% increase in transportation fares.
Abbas Imoro, the GPRTU’s industrial relations officer, said earlier on Friday that a decision had been made to implement the raise.
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Though the Union will announce the new pricing on Monday, October 24, he assured CitiNews in Accra that commuters would have plenty of time to adjust before they went into effect.
“Normally, if we are able to conclude, we will come out on Monday with a percentage of increment. We will give the passengers a few days to adjust themselves to the new prices,” Mr. Moro said.
3. Cedi Depreciation
With a rapid depreciation being observed, the local currency’s free decline will undoubtedly present a challenge to Ghanaians.
According to a Bloomberg analysis this week, the cedi had the worst performance internationally against the dollar.
See Also:Ghana’s Cedi ranked as the worlds worst performing currency in 2022.
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According to quotes from the foreign exchange bureaus, the Ghanaian cedi lost additional ground on Friday morning and is currently trading at ¢14.70 to the dollar.
In relation to the American “greenback,” the local currency lost 20 pesewas in value.
It was sold yesterday night for ¢14.50.
The local currency maintained its stability versus the pound even if the euro also increased slightly against the cedi. To the euro, it is selling for ¢13.40 and to the pound, for ¢16.
In less than a day, the cedi again saw a substantial decline in value against the Chinese Yuan. It is now being sold for 2.3 Yuan, up from 1.4 Yuan yesterday (October 21, 2022).
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Similar to this, it dropped in value against the South African Rand, moving from costing ¢1.4 to ¢1.9.
4. GUTA strike
After closing their stores for 24 hours in protest of high taxes and escalating financial hardship, the Ghana Union of Traders Association (GUTA) decided to call off the strike.
The choice was made during a meeting with Mantse Nii Tackie Teiko Tsuru II, King of the Ga State, who pledged to bring the issue before the proper authorities for an immediate resolution.
The traders claimed that they would now price their items in line with any increase in the foreign exchange even though they were willing to reopen their stores.
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It remains to be seen how much of an impact this ad hoc pricing policy will have on the consumer public.
5. Cash-and-Cary system for purchase of drugs
Patients who depend on their National Health Insurance Scheme for life-saving medications may need to prepare themselves.
The pharmaceutical business is about to collapse, according to the Ghana National Chamber of Pharmacy (GNCoP), as a result of the current economic difficulties.
They have decided that until the economy stabilises, medications will be sold on a cash-and-carry basis.
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William Adum Addo, president of the Pharmaceutical Importers and Wholesalers Association, spoke on behalf of the organisation at a news conference on Thursday. He said the looming crisis has the potential to have an impact on people’s lives and the country’s health.
5 happenings this week that could have an impact on your cost of living and purchasing power.
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