The Ministry of Trade, Agribusiness and Industry, together with key trade associations, has agreed to reduce the prices of finished goods within the next two months—provided the Ghanaian cedi maintains its current strong performance against the US dollar and other major foreign currencies.
Following a meeting held on May 14, 2025, Trade Minister Elizabeth Ofosu-Adjare announced that the associations had pledged to adjust prices downward, as some agencies have already started lowering charges due to the cedi’s appreciation.
Addressing journalists after the meeting, Mrs. Ofosu-Adjare described the discussions as fruitful and expressed optimism about their impact on the broader economy.
“We have indicated that we do not have the power to reduce prices, but what the government can do is negotiate with traders to bring prices down,” she explained.
“I’m happy to announce that some direct importers have already started reducing prices, and others have agreed to follow suit. We expect this to be reflected in the retail market soon. We heard from GUTA this morning, and they’ve explained their concerns, which the government has responded to with some demands of its own,” she added.
“We hope that reductions in port charges and related costs will begin to reflect in market prices within about two months, once most of the old stock has been cleared.”
The meeting brought together key industry stakeholders, including the Ghana Union of Traders Association (GUTA), Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana.
Meanwhile, GUTA President Dr. Joseph Obeng assured that the association would honour the agreements reached and called for continued policy efforts to sustain the cedi’s strong performance.