The Ghana Union of Traders’ Association (GUTA) and the Association of Ghana Industries (AGI) have requested a 60-day period to lower the prices of goods, citing the ongoing strengthening of the cedi.
They seek this time frame to allow for more stability and predictability in the local currency and to clear existing stock.
This request was made during a meeting between leaders from GUTA and AGI and officials from the Ministry of Trade, Industry, and Agribusiness on Wednesday.
Mrs. Elizabeth Ofosu-Adjare, the Minister for the sector, acknowledged that while the government does not regulate prices in a free market, it plays a role in facilitating price negotiations. She emphasized that the government’s efforts to create a favorable business environment should allow businesses to pass on some of their gains to consumers when the opportunity arises.
“We are all working together as a country to reduce the cost of living,” the Minister said. “I’m pleased to inform you that direct importers have agreed to lower their prices, and some have already started doing so.”
Dr. Joseph Obeng, President of GUTA, urged the government to maintain the currency’s stability to ensure that price reductions continue in the months ahead.
“As businesses, we rely on our customers for survival, and we have no intention of withholding any gains when they come,” he said. “When the gains come, we will share them with the public.”
Dr. Humphrey Ayim-Darke, President of AGI, called for caution in government spending to prevent undermining the progress made in recent months.
“We are seeking stability, not just appreciation. While we are currently benefiting from the cedi’s appreciation, we need predictability and stability for proper planning,” he said.
