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

Traders at the Koforidua Central Market expressed concern that falling prices of goods have not boosted their business, despite weak purchasing power and rising operating costs. They made these observations during a meeting with Minority MPs and NPP officials ahead of the 2027 Budget announcement. Some traders were struggling to repay loans due to low sales.

They also complained about additional market fees and higher costs for renting market spaces. Minority MPs Michael Okyere Baafi, Alexander Kwadwo Agyare, Mavis Nkansah Boadu, Martin Kwaku Adjei-Mensah Korsah, and Frank Annoh-Dompreh encouraged traders to discuss their issues freely. They questioned whether the price cuts mentioned by Finance Minister Dr Cassiel Ato Forson were helping businesses.

Although some traders noted that certain products had become cheaper, they stated that customers were buying less, which was reducing their profits and straining their finances. One trader, Afua Boamah, compared the current situation to the one under Nana Akufo-Addo's government. She noted that while prices were higher then, people still made purchases.

Another trader warned that market women might protest if authorities did not address the sharp rise in market shed fees. The traders also expressed disappointment over the lack of the promised Women’s Development Bank, arguing that such an institution could have helped women entrepreneurs gain access to financial support. They also called for the settlement of overdue payments to cocoa farmers and road construction contractors.

Mavis Nkansah Boadu pointed out that improving economic indicators should result in better living conditions but questioned if this was happening. She raised concerns about education expenses, job availability, and the Women’s Development Bank. Boadu maintained that women's roles in household finances and trade gave them a unique perspective on the difficulties families faced.

She urged traders to use their voting power to evaluate the government's performance in the 2028 elections. The meeting took place before Dr Forson delivered the 2027 Budget Statement and Economic Policy to Parliament, with traders hoping for measures to alleviate business costs and enhance livelihoods.