The Ministry of Trade, Agribusiness and Industry, in collaboration with key trade associations, has reached an agreement to implement significant price reductions on finished goods within the next two months, provided the Ghanaian cedi continues its strong performance against the US dollar and other major foreign currencies.
Following a meeting on May 14, Trade Minister Elizabeth Ofosu-Adjare announced that several associations had committed to lowering prices, citing early signs of cost reductions from some agencies due to the cedi’s appreciation.
“We do not have the power to enforce price reductions, but as a government, we can negotiate with traders to bring down prices”.
She revealed that direct importers have already begun reducing prices, with expectations that these adjustments will soon be reflected in the retail market.
GUTA President Dr. Joseph Obeng assured that traders would comply with the agreements reached, while also calling for further policies to sustain the cedi’s strong performance.
