Trade Ministry, Associations agree to slash prices in 60 days if Cedi stabilizes

The Ministry of Trade, Agribusiness and Industry and various trade associations have reached an agreement to significantly reduce the prices of finished goods over the next two months, provided the Ghana Cedi maintains its favorable performance against the US dollar and other major international currencies.

The consensus was reached during a meeting held on Wednesday, May 14, 2025.

Following the discussion, Minister Elizabeth Ofosu-Adjare announced the positive outcome, stating that the participating associations have agreed to implement price reductions.

This agreement follows some agencies already beginning to lower charges in response to the Cedi’s appreciation.

Addressing journalists after the meeting, Mrs. Ofosu-Adjare expressed optimism about the negotiations’ results and their potential positive impact on the economy.

She clarified the government’s role in the process, stating, “We have indicated that we do not have the power to reduce prices but all that we have as government is to negotiate to get the traders to bring down prices.”

The Minister was pleased to report that some direct importers have already initiated price reductions, with others also committing to follow suit.

“So, we expect this to be reflected in the retail market soon,” she noted.

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She acknowledged hearing concerns from the Ghana Union of Traders Association (GUTA) during the meeting, indicating a dialogue where the government also presented its demands.

Mrs. Ofosu-Adjare anticipates that the impact of these price reductions, starting from the ports, will be felt by consumers in approximately two months, or within 60 days, as existing stocks are depleted.

The meeting saw the participation of key trade bodies, including the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries, and the Food and Beverage Association of Ghana, among others.

In a related development, the President of GUTA, Dr. Joseph Obeng, has given assurance of the association’s commitment to complying with all agreements reached during the meeting.

He also called for the implementation of further policies to ensure the sustained positive performance of the local currency.

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