Trade, Industry, and Agribusiness Minister, Elizabeth Ofosu-Adjare, has stated that the government cannot force traders to lower prices, despite the recent strengthening of the Cedi and easing inflation.
She explained that Ghana’s liberalized market system restricts the government’s power to impose price controls, making dialogue the most effective way to secure relief for consumers.
The Minister’s remarks came after a closed-door meeting with key business groups, including the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG).
She noted that some manufacturers have already signaled their readiness to lower prices, driven by recent macroeconomic improvements like a stronger Cedi and falling inflation.
“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 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.
