Minister Adedze warns against speculating on the prices of consumer goods

Economic governance

Friday, 27 May 2022 13:48

Minister Adedze warns against speculating on the prices of consumer goods

(Togo First) - Kodjo Adedze, the Togolese minister of trade, met with wheat and vegetable oil sellers on May 24, 2022. On the occasion, he told them to immediately stop speculation on the prices of these products.

Adedze deplored the situation which started a few weeks ago and warned the sellers–wholesale and small retailers– against the practice, telling them to align with the prices set by the government. "We don't want oil to be sold in Lomé at CFA 31,000 or CFA32,000," the official said.

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The minister of trade recalled that actors operating in the wheat and oil sector enjoy several incentives introduced by the government and as such have no excuses for raising their prices. "These factories that are established in Togo benefited from investment incentives. So, Togolese must, in turn, benefit from the government's efforts," said Kodjo Adedze who added that those who persist with speculation would have their goods seized.

Indeed, to counter the rising inflation in the country, the Togolese government has capped prices of basic commodities and exempted VAT on some local goods like wheat and vegetable oil.

The measures were taken after the prices of oil products in the country were increased, twice.

Esaïe Edoh

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