Appiah Kusi Adomako, the Director of CUTS International, has called upon the Ghana Statistical Service (GSS) to enhance its involvement in monitoring and disseminating benchmark prices for essential commodities, aiming to foster market transparency and equitable pricing.
His remarks follow a recent appeal from the Ghana Union of Traders Associations (GUTA), which urged traders to lower the prices of goods and services by the recent strengthening of the Ghanaian cedi against the US dollar and other significant currencies.
GUTA characterized the Cedi’s recovery as a ‘timely and welcome’ occurrence and urged its members to adjust their pricing to reflect the improved macroeconomic conditions.
In response to this situation on May 12, 2025, Mr. Adomako recognized the positive intentions behind GUTA’s request but emphasized that its effectiveness would largely hinge on market reactions and transparency.
He suggested that the Ghana Statistical Service (GSS) take initiative by overseeing port prices, incorporating taxes and profit margins, and releasing publicly available benchmark prices for frequently purchased goods.
He stated, ‘It may or may not be effective, but one approach for the GSS is to begin tracking and monitoring the pricing framework from the port, including all applicable taxes and margins, and subsequently publish suggested prices for goods and services that are commonly consumed.’
He further clarified that this data should concentrate on items included in the national consumption basket utilized for inflation assessments, thereby enhancing the relevance and practicality of the information for everyday consumers.
‘The items that are part of our consumption basket used for inflation calculations are crucial. Therefore, when consumers observe the disparity between the prices published by the GSS and those charged in the market, it will provide them with more insightful information.’
Mr. Adomako highlighted the existing disparity in pricing knowledge between sellers and buyers, contending that enhanced transparency would empower consumers and promote equitable pricing.
He noted that there is currently an information asymmetry, where sellers possess greater knowledge about prices and their determinants than consumers.
To illustrate, he provided a practical example: if a consumer intends to purchase a product priced at Ghc10, they must either pay that amount or seek a less expensive alternative.
However, if the Ghana Statistical Service (GSS) informs consumers that, after accounting for taxes, the price of a bottle of water should not exceed Ghc6, this information would compel businesses to align their prices more closely with the GSS’s findings.
Mr. Adomako concluded by urging the GSS to enhance its initiatives during this period of currency stability, emphasizing the necessity for real-time price monitoring and dissemination.
He stated, ‘During this time, we must witness the Ghana Statistical Service’s active engagement in price monitoring and publication.’
