Ghanaian consumers hoping for immediate relief from high market prices may need to be patient, as traders and manufacturers have announced that price reductions will take effect within 60 days if the Ghanaian cedi maintains its strong performance against the US dollar.
The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) made this commitment after a high-level meeting with Trade and Industry Minister Elizabeth Ofosu-Adjare on Wednesday.
The meeting was held in response to growing calls from the public for price reductions to match the cedi’s recent appreciation, which currently sees it trading at around GH₵12.40 to the dollar.
However, GUTA and AGI have explained that the delay is due to existing stock purchased at higher exchange rates, which must be cleared before new imports—benefiting from the stronger cedi—can reach the market.
GUTA President Dr. Joseph Obeng assured that businesses would reduce prices once new stock arrives, urging the government to maintain the cedi’s stability.
“The government should continue to do its good work by sustaining the appreciation of the cedi, and we will do our job. We will respond positively. The market forces will determine the prices, and they will respond accordingly,” Dr. Obeng stated.
He added, “All that we need is for the government to sustain the dollar rate, and in two months, everybody in the country will witness that the business community also thinks about the consuming public. We depend on them to survive, so there is no way we will not pass on any gains when we have them.”
AGI President Dr. Humphrey Ayim-Darke echoed similar sentiments, pledging that manufacturers are prepared to reflect the gains in their pricing.
“We commend the government and also want to state that we are committed to reflecting these gains in our pricing. Prices are ultimately determined by the forces of supply and demand. We believe sincerely that within the 60 days, the impact of the stronger cedi will be seen in the wholesale and retail prices,” he explained.
The Ministry of Trade expressed optimism about the sustainability of the cedi’s performance and reaffirmed the government’s commitment to ensuring a stable economic environment.
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