The Ministry of Trade, Agribusiness and Industry and trade associations have agreed to effect a significant reduction in prices of finished goods in the next two months if the cedi continues its good run against the US dollar and other major foreign currencies.
After a short meeting on May 14, 2025, Minister Elizabeth Ofosu-Adjare announced that all the associations have agreed to cut prices since some agencies have started reducing charges due to the appreciation of the Cedi.
Addressing Journalists after the meeting, Ofosu-Adjare hinted that the negotiations have been fruitful and hopes that the outcome will be positive for the economy.
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", she pointed out.
"I am happy to announce that some of the direct importers have already begun reducing prices and others have also agreed to reduce prices. So, we expect this to be reflected in the retail market soon. We have heard from GUTA this morning and they have explained their concerns, which the government has also made some demands on them", she stressed.
We hope that the reduction of prices from the port and all that will be felt in about two month-time or 60 days when most of the old stocks have been sold out”, she added..
The meeting was attended by the Ghana Union of Traders Association, Association of Ghana Industries, Food and Beverage Association of Ghana among others.
Meanwhile President of GUTA, Dr. Joseph Obeng has assured of complying with all agreements reached at the meeting.
He therefore called for further policies to sustain the good performance of the local currency.
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