Gov’t, traders set 60-day deadline for price cuts following cedi gains

The Ministry of Trade, Agribusiness and Industry and major trade associations have reached a consensus to significantly reduce the prices of finished goods within the next two months, provided the Ghana cedi maintains its strong performance against major foreign currencies.

The agreement was reached following a strategic meeting held on May 14, 2025, between Minister Elizabeth Ofosu-Adjare and representatives from 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).

Speaking to the media after the closed-door session, Minister Ofosu-Adjare expressed optimism that the outcome of the discussions would lead to real relief for consumers.

“As government, we don’t directly control market prices, but we engage and negotiate. I’m happy to announce that some importers have already started reducing prices, and others have pledged to follow suit. We expect this to trickle down to the retail market soon,” she said.

She noted that with the cedi’s recent appreciation and the reduction in port charges by some state agencies, the ripple effect should be visible within the next 60 days, once older stock clears from the market.

“The timeline gives businesses enough room to sell off current inventories and adjust to the improved economic conditions,” she explained.

President of GUTA, Dr. Joseph Obeng, confirmed the association’s commitment to the agreement and called for additional measures to sustain the cedi’s momentum.

“We’re on board with the plan, but it’s also important that government continues to implement supportive policies to keep the cedi stable,” he stated.

The meeting marks a key step in aligning macroeconomic gains with tangible benefits for consumers and signals closer collaboration between government and industry in efforts to stabilise prices and boost confidence in the market.