Finance Minister appeals to traders to reduce their prices to reflect Cedi stability

The Minister of Finance, Dr Cassiel Ato Forson, has appealed to all traders to reduce their prices to reflect the stability of the Cedi against the Dollar.

Hos comments come at a time when the Food and Beverage Association of Ghana (FABAG) announced that prices of key commodities within the sector are beginning to fall, with further reductions expected in the coming weeks.

Speaking at a stakeholder engagement with the Minister for Finance, the Executive Secretary of FABAG, John Awuni, confirmed that prices of essential products such as sugar and rice have started to drop.

“We have reduced sugar prices by about 7% as of today, and rice prices have corrected by about 10%. As importers, we are aggressively pushing prices down, but unfortunately, others in the value chain are not responding,” Mr. Awuni stated.

He emphasized the need for collective action to ensure these reductions translate into meaningful relief for the public.

“We believe this must be a national effort. We are calling for a national campaign for price reductions. If others also respond, it will reflect in the lives of ordinary Ghanaians,” he urged.

The Minister for Finance, Dr. Cassiel Ato Forson, commended FABAG for its leadership and appealed to other trade associations, including the Ghana Union of Traders’ Associations (GUTA), to follow FABAG’s example by adjusting their prices downward.

“We are seeing improvements in the cedi and inflation is slowing. It’s time for businesses to reflect this in their pricing. I appeal to GUTA and others to support this effort so Ghanaians can truly feel the recovery,” the Minister remarked.

Encouragingly, they confirmed that some reductions are already happening. But we need more. I appealed to other traders, including GUTA, to follow FABAG’s lead and work together to pass these benefits on to Ghanaians. We are also addressing structural issues like port charges, levies, and smuggling because we understand how these factors impact prices.

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