Electroland Ghana Ltd, the leading operator in the household electrical and electronic goods market, has reduced prices of their products in response to the recent recovery of the cedi against the US dollar.
The company which represents Samsung, Nasco, Midea, Toshiba ABB, and international brands in Ghana and was already running a Christmas promotion (Afehyiapa Promo) with reduced prices, has dropped prices further to become one of the fastest to respond positively to the Ghanaian currency’s new found strength.
The Cedi in recent weeks lost so much value after a prolonged free fall, and was touted as the weakest in the world against the Dollar, a situation which saw rampant price hikes.
While the Cedi has been consistent in the past week with its resurgence, businesses have mainly maintained wait-and-see attitude, with remaining at levels ahead of the Cedi rebound.
Electroland is thus the first major company in the capital goods sector to react to the recovery of the local currency against the dollar, in a move that analysts expect to become more widespread in the coming days.