Following the cedi's appreciation, the majority in Parliament has called on traders to consider lowering their pricing.
The cedi has been strengthening against the dollar in recent days, with a broad segment of the public requesting that prices for products and services be reduced to reflect the current circumstances.
Alexander Afenyo-Markin, the Deputy Majority Leader of Parliament, has called for a coordinated effort to revive the economy.
"I heard the GUTA President urging members to lower their pricing. I will issue a similar call to businessmen and women, entrepreneurs and dealers. If it was out of uncertainty and the currency market, you believed that you should boost prices for your items, today things have changed. We will all profit from the economy if we reduce them. "As a result, it is my humble request that costs be decreased so that the average Ghanaian may afford them," he stated.
Already, President Akufo-Addo has urged the business community to lower the pricing of products and services as the cedi strengthens.
Fuel prices are also declining significantly. The local currency is presently trading at GH8 on the interbank market, according to the Bank of Ghana, with a litre of petrol and diesel selling for GH13 and GH16, respectively.
In light of this, President Akufo-Addo believes it is only fair for prices of products and services to be decreased, given the cedi's recent advances.
"I add my voice to those of GUTA, GRTCC and others, to appeal to manufacturers, traders and transport operators, that with the height of the cedi's recent depreciation and increased prices of goods and services, to reduce their prices of goods and services now that the cedi is regaining much of its strength. This, I feel, is not only a reasonable but also a right request."