The Chief Executive Officer (CEO) of Ultimate Fashion Boutique, Mr. William Addo has blamed his colleague business owners for the astronomical hikes in commodity prices in the country, Purefmonline.com reports.
The Businessman who trades in various items including clothes, shoes and operate a wholesale supermarket, in an exclusive interview with Kwame Adinkrah on Kumasi-based Pure FM blamed his associates for contributing to the higher inflation rate in the country.
He explained that, some business owners in the country have taken advantage of the current economic discomforts to hike goods prices beyond the ideal.
“Kwame, my people are charging abnormal prices on our goods. Yes we are in difficult times but we as business owners are making it worst and hard for our people. We are the ones making inflation higher.
We were previously making GHC10 or GHC15 and suddenly, a new price hike of about 100% was introduced all purporting to be caused by the high dollar demand. Now some businesses are making like GHC200 profit on a single product. This was at a time when many businesses have old stocks but decided to review prices upward as if they were fresh goods already affected by the cedi depreciation”
“Kwame, how can I sell a product I purchased at GHC500 and make a profit margin of GHC270. That is evil.”
“We can by our own self bring the prices of goods down. We should stop taking advantage of the situation we all find ourselves in and put a human face in all that we do.
We can still make our profits if we reduce our product prices to reasonable margins.” Mr. Addo advised his colleagues in the trading industry.
He however bemoaned the harsh treatment his friends in the trade industry have meted out to him since he embarked on the decision to reduce prices of items in his various shops.
Watch an excerpt of Mr. William Addo, CEO of Ultimate Fashion Boutique’s interview with Kwame Adinkrah on Kumasi-based Pure FM below.
Source: Purefmonline.com II 2022