The Minister for Trade, Industry, and Agribusiness, Elizabeth Ofosu-Adjare, says the government cannot compel traders to reduce prices despite recent macroeconomic improvements such as the appreciation of the Cedi and easing inflation.
Speaking after a closed-door meeting with major business groups, 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 emphasized that Ghana’s liberalized market economy restricts government intervention in setting prices.
“Our market system doesn’t allow the government to impose prices, but we do have the power to engage stakeholders to ensure that the benefits of economic stability trickle down to consumers,” she explained.
She disclosed that some manufacturers and direct importers have already signaled readiness to reduce prices in response to the improving economic indicators.
“I am happy to inform you that the direct importers have agreed to reduce their prices — some have already started. We have also heard from GUTA and AGI that while the Cedi’s stability is welcome, it will take a bit of time for that to be reflected in market prices. It will happen gradually,” she added.
ASO READ: