Business tycoon urges traders to ‘fear God’ and reduce prices

JUBA – A South Sudanese business tycoon and the deputy chairman of the country’s chamber of commerce is urging traders across the country to reduce prices of essential commodities in the markets stressing that the move will help reduce economic hardship against the poor in the country.

Ladu Lukak accused some traders of increasing prices even though the South Sudanese Pound has significantly gained value against the U.S dollar.

“Please fear God, and try to reduce the prices of the commodities since the U.S dollar has dropped because the excuse you have been giving all this time is that dollar rate is high, but now that  the dollar rate has been dropped, why are you not reducing  the prices of the commodities in the market,” Lukak was quoted by SSBC saying.

Lukak cautioned traders against hiking prices of commodities that were brought when the U.S dollar exchange rate was low.

“Very soon the government is going to inject more money in the market and the dollar rate will drop. what are you going to do next when it drops. Try now to start reducing the prices of the essential items,” he stressed.

“These are the old commodities you bought before the dollar rose to 80 that you are still selling  expensively. Why are you not selling at the same prices you bought them by then?” he asked.