Elizabeth Ofosu-Adjare, the Minister for Trade, Industry, and Agribusiness, stated that the government cannot mandate price reductions among traders, even with the recent strengthening of the Cedi and decreased inflation rates.
She emphasized that Ghana’s liberalized market framework restricts the government’s capacity to impose price controls, thus making dialogue the most effective means to provide relief for consumers.
These comments followed a private meeting with significant business organizations, including the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG).
The Minister noted that some manufacturers have expressed readiness to lower prices in light of recent economic improvements, such as a stronger Cedi and reduced inflation.
She remarked, ‘The meeting was productive, and while the government lacks the authority to control prices, it can engage in negotiations with stakeholders to ensure that traders, manufacturers, and consumers capitalize on favorable conditions as they arise.
I am pleased to report that direct importers have consented to lower their prices, with some already implementing reductions.
Additionally, GUTA and AGI have acknowledged the stabilization of the Cedi but indicated that it will take some time for this to be reflected in pricing, which will occur gradually.’