Cedi gains: Stick to smart pricing, not public pressure – Expert advises entrepreneurs
By: Solomon Nartey Tetteh
Chartered Accountant Solomon Addo has urged entrepreneurs to resist slashing prices in response to public pressure following the recent appreciation of the cedi against the U.S. dollar.
He emphasized that pricing decisions must be based on a business’s cost structure and long-term sustainability, not emotional or external demands.
Mr. Addo’s advice comes amid calls for businesses to lower prices now that the cedi is gaining strength. However, many entrepreneurs argue that their current inventory was procured when exchange rates were less favorable.
Speaking on Business Breakfast on Zed FM on Tuesday, May 27, Mr. Addo stressed that any price reductions must be informed by cost analysis, not public sentiment.
“Entrepreneurs should not feel compelled to lower prices just because the cedi has appreciated,” he said.
He emphasized that: “Many products on the market today were purchased when the currency was weaker. Price adjustments should be based on actual cost and business viability.”
He therefore encouraged business owners to stay focused on profitability and to communicate clearly with customers about pricing dynamics.
