Elizabeth Ofosu-Adjare, the minister of Trade, Industry, and Agribusiness has revealed direct importers have agreed to reduce their prices.
The Trade minister noted that the government cannot compel traders to reduce prices despite the appreciation of the cedi.
According to her, the government does not have the power to control prices, but it has the power to negotiate with our stakeholders.
She revealed that direct importers have agreed to reduce their prices, and some have already started reducing prices.
Speaking after a closed-door meeting with the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG), Elizabeth Ofosu-Adjare stated, “The meeting has been fruitful and we have said that the government does not have the power to control prices, but it has the power to negotiate with our stakeholders to ensure traders, manufacturers, and consumers to ensure that they take advantage of opportunities when they happen.
“I am happy to inform you that the direct importers have agreed to reduce their prices, some have already started that. We have also heard from GUTA and AGI that it is good that the Cedi has stabilised but they need a bit of time for it to reflect in the prices. It will happen gradually,” she stated.
Meanwhile, the finance minister also called on businesses to reflect their pricing as the cedi improves for Ghanaians to truly feel the recovery.
Ato Forson stated, “ We are seeing improvements in the cedi. It’s time for businesses to reflect this in their pricing. GUTA should support this effort so Ghanaians can truly feel the recovery”.
Dr Cassiel Ato Forson, the Minister for Finance has stated the recent cedi appreciation is not a nine-day wonder.
According to the Finance minister, the cedi appreciation will be sustained.
As of May 14, 2025, the cedi is trading at GH¢12.59 to the dollar.
