The Committee on Trade, Industry, and Tourism of Parliament has summoned the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), the Spare Parts Dealers Association, and other industry players over their refusal to reduce prices of goods and services.

There have been growing calls for traders to lower prices following the appreciation of the Ghana cedi and the recent reduction in fuel prices.

However, the traders have maintained that they are not ready to cut prices anytime soon, as they must first clear their existing stock.

• Read also: Spare parts dealers instructed to slash prices to reflect cedi gains

Despite their stance, Parliament has summoned them to explain their position.

Committee Chairman Alexander Gabby Hottor-Dze admitted that "there had been price reduction in some quarters, but these are not commensurate with the impact of the appreciation of the cedi."

"The Committee on trade, industry and tourism had called for this meeting to inquire into why businesses and service providers are reluctant to reduce their prices, the impact on the economy and the way forward."

"We have assembled here most of the relevant stakeholders who would assist the committee to deliberate on the matter," he added.

Last month, the Abossey Okai Spare Parts Dealers Association in the Greater Accra Region said it instructed its members to slash prices.

This action was expected to bring relief to consumers, with the expectation of a reduction in transport fares, as the majority of the parameters that determine the cost of goods and services continue to decline.

The Ghana Union of Traders Association (GUTA) also hinted at same in its reaction to the local currency's strong showing.

However, consumers say the cost of goods and services on the market remains high.