President of the Association of Ghana Industries (AGI), Dr. Humphrey Ayim-Darke, has called for increased government oversight to ensure that the recent appreciation of the Ghana cedi is reflected in the prices of goods sold in the country.
The cedi has recorded significant gains in recent days, appreciating by 6.25% week-on-week against the U.S. dollar in the retail market. This performance has positioned it as the best-performing currency among a basket of 15 Sub-Saharan African currencies.
Speaking to the media earlier today, Dr. Ayim-Darke acknowledged the positive trend and emphasized AGI’s readiness to ensure the impact of the cedi’s gains is felt in the market. “We commend government and we want to tell government that we are committed to the cause of reflecting these gains in our pricing,” he stated.
He, however, stressed the need for continued engagement with the government to sustain the impact, especially in areas beyond the control of individual businesses. “Forces of demand and supply that determine price markets—we believe that within the period of 60 days from now, this impact will be translated unto the final price unto our products that we wholesale and retail,” he said.
As discussions between the AGI and the government are expected to begin soon, Dr. Ayim-Darke urged authorities to exercise fiscal discipline despite the positive outlook. “We should not go to the extreme as a result of these gains and overspend. We respectfully believe that our commitment to government is to make sure that the business environment and the agenda of government in resetting the country is achieved mutually,” said.
