Prices down, sales still poor: Koforidua traders tell Minority MPs ahead of budget

Traders at the Koforidua Central Market say falling prices of some goods have not revived business, as weak purchasing power and rising operating costs leave them struggling to stay afloat.

They raised these concerns during an engagement with Minority MPs and New Patriotic Party (NPP) functionaries ahead of today's presentation of the 2027 Budget.

Some traders said low sales were making it difficult to repay loans taken to finance their businesses. Others complained about market tolls and increased charges for market sheds.

The delegation included New Juaben South MP Michael Okyere Baafi, Kade MP Alexander Kwadwo Agyare, Mavis Nkansah Boadu, Martin Kwaku Adjei-Mensah Korsah and Nsawam-Adoagyiri MP Frank Annoh-Dompreh.

The MPs encouraged traders to speak openly about their challenges. They also questioned whether price reductions cited by Finance Minister Dr Cassiel Ato Forson were translating into relief for businesses.

Some traders acknowledged that certain commodities had become cheaper. However, they said customers were buying less, reducing turnover and putting pressure on their finances.

One trader, Afua Boamah, contrasted current conditions with those under former President Nana Akufo-Addo. She said that although prices were higher during the previous administration, customers were still making purchases.

Another trader warned that market women could demonstrate if authorities failed to address what the trader described as steep increases in market shed charges.

The traders also expressed disappointment over what they said was the government’s failure to establish the promised Women’s Development Bank. They argued that the institution could have improved access to financial support for women in business.

They further called for outstanding payments to cocoa farmers and road contractors to be settled.

Addressing the gathering, Mavis Nkansah Boadu questioned the benefits of improving economic indicators if traders and households continued to face financial hardship.

She said declining inflation figures needed to translate into tangible improvements in living conditions.

She also raised concerns about education costs, access to employment and the promised Women’s Development Bank.

Boadu argued that women’s roles in household finances and trading gave them direct insight into the pressures facing families. She urged traders to use the ballot to express their assessment of the government’s performance in 2028.

The engagement comes ahead of Dr Forson’s presentation of the 2027 Budget Statement and Economic Policy to Parliament, with traders seeking measures to ease business costs and improve livelihoods.