To ensure that recent gains in the Ghanaian cedi translate into lower prices for consumers, Elizabeth Ofosu-Adjare, Minister for Trade and Industry and Agribusiness, met with leaders of the Ghana Union of Traders Associations (GUTA) and the Association of Ghana Industries (AGI) at a high-level meeting on Wednesday, May 14.
Stakeholders at the meeting pledged their support for this approach, emphasizing their readiness to reflect the currency gains in their pricing models—albeit in accordance with market forces.
The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) have indicated that businesses will begin adjusting prices over the next 60 days to reflect the recent appreciation of the Ghana cedi against the US dollar.
Dr. Joseph Obeng, President of GUTA, praised the government’s efforts in stabilizing the exchange rate and expressed optimism that the business community would play its part.
“The government should continue to do its good work by sustaining the appreciation of the cedi, and we will do our job,” he said.
“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,” he added
Dr. Obeng noted that traders rely on consumers to stay in business and affirmed that any significant exchange rate gains would be passed on in the form of reduced prices.
Echoing this sentiment, President of AGI, Dr. Humphrey Ayim Darkey, reiterated the association’s commitment to price adjustments in line with market realities.
“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,” Dr. Darkey said.
“We believe sincerely that within the next 60 days, the impact of the stronger cedi will be seen in the wholesale and retail prices.”
The meeting concluded with a shared understanding between government and business leaders to closely monitor exchange rate trends and work collaboratively to ease the burden on consumers.
Minister Ofosu-Adjare had in an earlier media interview acknowledged the frustration of consumers but clarified that Ghana’s free market economy limits the government’s ability to impose price controls.
She stated that the government cannot compel traders to reduce prices, but can engage, encourage, and build consensus with industry stakeholders to pass on the benefits to consumers.