Cedi depreciation: Bakers increase prices of bread, other baked products [Audio]

 

By:brightwebtv.com/ Martin awuku

The unending depreciation of the cedi is not only affecting importers and exporters or even fuel prices in the country.

 

 

The latest to be hit by the constantly depreciating currency is the Ghana National Flour Users Association (GHANFUA).

The group has announced an upward adjustment in the price of bread and other products as a result of the persistent increase in the price of flour.

Secretary of the Association in the Ashanti region, Naana Asumang disclosed the increment on Adom FM’s morning show, Dwaso Nsem programme Tuesday.

She explained that the price of flour which was GH₵120 in November 2018 is now selling at GH₵165 per a 50kg bag.
The price of sugar, an important ingredient in the baking mix has also increased from GHC 140 to GHC 180 per a 50kg bag.
Another important increment in the mix is the price of margarine from GHC 140 to GHC 185 per a container.

The increase, Naana Asuman explained, has affected flour users, forcing their hands to increase the prices of bread and other baked products.
She expressed worry over the depreciation of the cedi against foreign currencies like the US dollar and the Pound Sterling.
The baker has attributed the increment to the depreciation of the cedi against the two major currencies, a phenomenon she said was taking a toll on their businesses.

“The flour producers import the wheat and the cedi depreciation is affecting their works so we are also left with no other option than to increase bread prices,” she explained.

Source: Ghana|Adomonline.com|