Traders mafia
Market conditions control the market, as prices stay fixed when supply is in tune with the consumption of goods. Thus, when there is an abundant supply of goods, prices go down. However, when crises arise, exploiters mafia comes to the scene. I call them crises exploiters mafia because they dry markets up and reduce goods amount in the market. I do not consider those traders, but a mafia.
Facing price increase
The chamber of commerce is working on citizen awareness of actual goods prices and unjustified prices; the chamber’s price monitor is responsible for spreading this awareness through weekly reports of prices. It will follow up all goods prices on a daily basis through its specialised division. These specialised divisions will submit reports about goods and their prices, show the availability of goods, introduce price indicator, follow up price variance and explain price variance reasons. These reports are submitting to officials in order to keep them aware of market conditions.
Importers exploit dollar price increase
Some importers have their capitals in dollars and they have the ideology of maintaining their capitals, so when dollar price increases, they increase goods prices to maintain fixed capitals. Sale has several stages, wholesale dealers, retailers and finally consumers. Each sale stage has a profit rate, in addition to transport costs and goods loss, especially vegetable crops loss, as loss is estimated at 40% in some goods. Certainly, this added cost is not incurred by dealers but it is added to goods’ final price. Supply and demand are dominant factors in this context as when goods are available in the market, their price goes fixed. On the other hand, if goods are scarce and there is a high demand of them, prices increase. Therefore, the government seeks after providing goods through the Ministry of Agriculture and the army’s outlets in order to provide consumers with reasonable goods’ prices.
Businessmen & the government relation
The government seeks advancement and there are modification going in laws and regulations to better economy in the Egyptian market and maintain society components without harming anyone.
Small projects & economy developments
Small projects help reducing employment rate through a successful small-sized project or training unemployed individuals to get work opportunities; this could put an end to price inflation and increase production rate, which help advancing economic development. However, governments do not implement the standards that contribute to develop such projects. These standards are represented in reducing finance interest rate, exempting small-sized projects from taxes for at least 2 years, calling all entities in the informal sector to merge into formal sector through delivering a bundle services. Consequently, this bundle helps small-sized projects to develop and maintain through providing them with financial and technical capabilities. We suffer from poor planning on the national level, leading to highest rate of resource waste. Egypt deserves an Oscar award for wasting its natural and human resources. These small-sized projects help reducing import rate and increasing export rate.
Reference prices
I am against compelling traders to reference prices because this is a useless system as it leads traders to monopolise goods. What should be done is putting an end to this monopoly through imposing competition protection law and preventing monopolistic practices. Consumer protection Agency role, in addition to competition, is necessary in this case, as it should put an end to monopoly and commercial fraud. Increasing product efficiency to compete globally
The government should increase technological efficiency, encourage technological transformation and training, enlighten about prominent countries experiences in industry and train efficient staff to enable us to compete globally. This cannot be achieved unless we have an integrated economic system.
Saving citizens from price increase
The availability of army’s outlets and consumer markets is of a high necessity to help citizens getting their basic needs with reasonable prices to face greedy traders and put an end to corrupt businessmen’s monopoly. A number of private firms started to establish outlets similar to those of consumer markets.
President El-Sisi’s performance on the economic level
El-Sisi loves Egypt and exerts great efforts for the Egyptian people, he tries his best. He is concerned with roads’ infrastructure, along with other huge projects. Currently, roads’ infrastructure is the most important factor; new roads encourage investors to establish their projects anywhere. Developments have been applied in the electricity sector and there are great results. New Suez Canal project completion in a year’s time is a good motive for all to establish new projects as fast as they can. Finally, these projects will contribute to economic development in the next period.
