Rejection of coins fueling price increases – Greater Accra Markets Association
The Greater Accra Markets Association (GAMA) has urged the public to continue accepting coins in daily transactions, warning that their rejection is contributing to rising prices of goods and services.
According to the Association, the continued refusal of small denomination coins is creating difficulties in giving change, a situation it believes is forcing traders to adjust prices upwards.
Speaking on the matter, the President of GAMA, who also serves as Market Queen of Makola, Naa Afrowa Dade Padua, appealed to the public to accept coins as legal tender.
She also called on the central bank to ensure the continuous circulation and availability of the 20 pesewa and 10 pesewa coins within the monetary system.
“We want to tell the Ghanaian public, please, the coins are still in existence. Governor of the Bank of Ghana, it is the coins that are being removed from existence, which is what is causing an increase in the prices of certain things.
“If you sell sachet water for 30 pesewas, where are you going to get the change? So presently, from 50 pesewas, if you don’t take care, they will add another 50 pesewas, which is a 100% increase,” she said.
She explained that when traders are unable to obtain smaller coins for change, they are often left with no option but to round up prices, a practice she warned could have broader implications for consumer pricing.
GAMA is therefore calling on the public to support the circulation of coins, stressing that they remain legal tender and are still in use within the economy.
Source: citinewsroom.com by Juliana Odame Asare
