She called on the board of the agency to deliver measurable results in the trade, agribusiness, and industry sectors, indicating that key priorities for the GNPA included ensuring a reliable supply of strategic commodities, better prices, shorter lead times, and credible local participation, all in compliance with the Public Procurement Act (Act 63).

Speaking at the inauguration of a new nine-member Board at the ministry in Accra last Thursday, Mrs Ofosu-Adjare said the agency was expected to adopt a strategy that supports industrialisation, agribusiness value chains, and exports, while promoting the “Made in Ghana” initiative.

Board Members

The board is chaired by Rev. Ernest Kwadwo Agyei with Ivy Emefa Adiko, Carey Yaw Owusu-Anti, Edinam Kojo Asamoah, Nana Opoku Fosu Gyeabour III, Stephen Kweku Bonnah, Henry Yaw Acheampong, Joseph Konadu and Prof. Frederick Dayour as members. 

Strong system

The Minister of Trade called on the board to initiate strong governance, transparency and accountability, urging the agency to establish robust systems and processes.

“Deliver value for money. Use demand aggregation and framework agreements, run transparent tenders, publish a simple price reference for key commodities, strengthen operations, build buffer stock capacity where justified, improve warehousing, logistics and distribution, raise supplier performance and support local industry.

“As the Ministry of Trade, Agribusiness, and Industry, it is our responsibility to promote Made in Ghana, help it to thrive, because even as we pay attention to agribusiness, it means that we are going to add value to our raw materials, and we expect this board to ensure that the same is done seamlessly,” she said.

She said the GNPA was also expected to leverage data and digital tools to track performance, enhance local content, and support the government’s 24-hour economy agenda.

GITC Board

The minister also inaugurated a new five-member board of the Ghana International Trade Commission (GITC), chaired by Felix Tawiah Yaw Akyea, with George Kobina Fynn, Barima Agyekum Hinneh, Kim Hussein Ibn Alhassan, and Elizabeth Essie Boadu-Mantey as members.

Ms Ofosu-Adjare charged them to uphold the principles of fairness and transparency while safeguarding the country’s development in international trade negotiations and practices.

She said their role would be pivotal in guiding the operations of the commission towards building resilient value chains, supporting domestic and fostering an environment conducive to both local and foreign investment.

“You are to ensure that the GITC becomes a beacon of excellence in trade regulation, helping to unlock new opportunities for growth, employment and sustainable development for our nation.

“I entreat you to support the head of GITC, so that together you can excel, make a mark, make an impact,” the minister said. 

Appreciation

Speaking on behalf of the boards, Rev. Agyei expressed gratitude to God, the minister and the appointing authorities for the trust and confidence they had placed in the members of the board.

He described the appointment as “not merely a position, but a call to service, a call to lead with integrity, a call to uphold transparency, a call to ensure that every decision reflects the collective commitment of excellence and accountability”.

He added that procurement was central to the effective and ethical functioning of public institutions; hence, they must, therefore, conduct their duties with fairness, prudence, and an unwavering sense of responsibility to the nation.

For his part, the Board Chairman of the GITC, Mr Akyea, gave an assurance that, given the changes that were occurring in the international arena, they would face some challenges, but he remained optimistic that the board, together with the minister, would navigate the country onto the right path.

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Speaking during a session of Parliament’s Local Government Committee, Madam Ofosu Adjare emphasized that accountability remains a cornerstone of the current NDC administration and urged Metropolitan, Municipal, and District Chief Executives (MMDCEs) to align their actions with the President’s vision for transparent and responsible governance.

She further encouraged MMDCEs to ensure equitable distribution of development projects across their jurisdictions to promote inclusive growth.

Meanwhile, some MMDCEs who appeared before the committee expressed concerns about their inability to access contract documents from the previous administration and funds that remain locked in various accounts.

Source: AdomOnline

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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.

Speaking on The Pulse on JoyNews, the Minister explained that Ghana operates a liberal market system where prices are not fixed by the state.

“We all know that in Ghana, we don’t control prices, and so the government cannot really push price reduction on them. But because we work together, we can always discuss and see how the stable cedi will benefit both consumers and traders,” she said.

She pointed out that traders have often increased their prices when the dollar strengthens, so it is only fair for them to adjust prices now that the cedi has appreciated.

“If the dollar is this stable and has appreciated this much, I think that we need to regroup and see the way forward,” she stated.

Madam Ofosu-Adjare praised the Ghana Union of Traders Association (GUTA) for taking the initiative to engage its members on possible price reductions.

“I commend GUTA for even taking the step to prevail on the traders to reduce the cost of their goods. So I think at that meeting, we will brainstorm and come to a very good conclusion which will benefit both traders and consumers,” she said.

The Minister acknowledged concerns from some traders who argue that they purchased their goods when the exchange rate was higher. However, she believes a balanced approach can be found.

“I have heard one argument which says that they bought the things already, but I think that we can discuss. They can take advantage of and buy some at this time as the dollar is slow, put it together and find the averages,” she suggested.

She added that discussions between GUTA and various traders’ associations will help ensure that consumers also benefit from the current economic stability.

“The government has tried, the government has created an enabling environment for businesses to thrive, our cedi has become strong,” she said.

“Anytime the cedi depreciates, traders increase their prices. It is just fair, it is just conscionable that prices are reduced to reflect the measures that the government has put in place.”

According to the Minister, if traders show goodwill by reducing prices, it would motivate the government to continue implementing policies that benefit the economy.

“If the traders are magnanimous enough, it will also encourage the government to keep on doing all the right things because the government will know that once it does the right thing, every citizen will benefit. And I am sure the traders are benefiting, and they will benefit more if they really bring the prices in line with the rate of the cedi to the dollar,” she said.

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The meeting took place at Christ the King in Accra.

In an interview on Asempa FM’s Ekosii Sen programme Monday, Mr. Hammond said he does not see anything wrong with his actions.

“I don’t see anything wrong with it. I called for a meeting with the manufacturers, but they refused to attend” he fumed.

According to him, the only reason the manufacturers gave for not attending was his insistence on having the meeting in the presence of the media.

He clarified, “This particular meeting was meant for interactions with the Chamber of Construction.”

Following Mr. Hammond’s insistence, Emmanuel Tettey Martey, Chairman of the Ghana Chamber of Construction Industries, requested that the cement manufacturers exit.

But the Trade Minister said since Monday, he has been meeting with other stakeholders on different issues.

“They are not the only ones I need to meet. I am tired of this situation,” he said.

The Trade Minister also mentioned that, he has laid the document in Parliament, and it will become law in 21 days.

“I don’t need any input from them regarding implementation. Now I am beginning to think that they are hiding things and don’t want us to know. After disrespecting me, they are going around saying things that are not worth it” he fumed.

Mr. Hammond acknowledged the challenges posed by a free market system. “I understand it is a free economy, so everyone does what they want.”

However, he stated that a free economy should not be equated with exploiting consumers.

“My understanding of a free economy is not the freedom to cheat or fleece people. Economic enterprise is about the freedom of trade and achieving profits within reasonable means, not making senseless and unreasonable profits at the expense of the citizenry,” he concluded.

KT HAMMOND ON CEMENT

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“As a country we have gone past the era of controlling prices. I don’t think that is the way to go”, Dr. Amoako said on PM EXPRESS BUSINESS EDITION with host George Wiafe on June 27, 2024.

He argued that price control is an economic model that will not work in the cement manufacturing business.

“People have invested in their business, produced a commodity and you want to determine how much that commodity should be sold”, he quizzed.

He stressed that Ghana operates a free market system that allows market forces to determine prices and not government.

“We have all come to accept now that, we are a free market economy and therefore let’s allow forces of demand and supply to determine prices”.

Background

Mr. Hammond this week introduced a legislative Instrument to help prevent cement manufactures from exploiting the public. Under the Proposed Legislative Instrument, cement manufactures could face up to three years in jail for failing to comply with this legislation.

In May 2024, Mr. Hammond instructed the Cement Manufacturing Development Committee (CMDC) to direct cement manufacturing companies in Ghana to immediately reverse the hike in price increase.

However, the Cement Manufacturers Association (CMA) rejected the directive citing production costs and the principles of a free market economy, stating that the directive is “without basis and justification”.

Impact of this move on the economy

Dr. Amoako is however worried that the move by the Trade Minister may rather end up increasing prices on the market.

“There are a lot players on the market, and this could result in these players creating artificial shortage, and that could be worse than what the Trade Minister is trying to correct” he said.

“We should be careful how we go about this because it could backfire”, he warned.

Describing the Legislative Instrument as not business friendly, Dr. Amoako said it is not the duty of government to regulate prices.

“Firms have invested so much in their businesses to produce a good and they are not being allowed to price right to make returns on their investments”.

On the conclusion of the debt restructuring programme, Dr. Amoako welcomed  the progress made by government in reaching a deal with the creditors and Eurobond holders.

“This will help to restore investor confidence in the economy, looking at what has happened over the past two years”.

“Businesses have struggled over the years, from high interest, soaring inflation and depreciation cedi, and not so favourable business environment”, he said

He described the development as a big relief for businesses, particularly manufacturers.

“We are also expecting the Ghana cedi to respond positively to this development, as we have already seen some marginal stability and we want that to continue”.

He, however wants Government to institute the structures that will aid fiscal prudence after the debt restructuring deal.

“We are worried about past developments, but we believe that government has learnt their lessons when it comes to the economy”.

The PM Express  programme

The programme looked at the impact of Debt Restructuring Deal and its effect on businesses and the Economy.

Other panellists on the Programme , included  Partner at accounting firm, Deloitte, Yaw Lartey  and Economist Dr. Adu Owusu Sarkodie.

He cited the One District One Factory (1D1F) initiative as one of the potential areas of partnership that US businesses could consider, saying the programme had very attractive incentive packages.

The Minister, who is on an official visit to the country capital, Washington, D.C., made the call when he visited the offices of the Corporate Council on Africa (CCA) and the US Chamber of Commerce.

In separate discussions with the two entities, KT Hammond said the purpose of the visits was to familiarise himself with the workings and priorities of the two bodies in order to explore opportunities for collaboration and support.

He added that the government was also encouraging garment manufacturers to set up in Ghana, citing Dignity DTRT as an example of a garment manufacturer which had established a state-of-the-art garment factory and had a linkage with an American company that was importing its garments.

The Minister, however, expressed concern about the expiry of the Africa Growth and Opportunity Act (AGOA) and urged the Chamber to help push for its renewal.

He said Ghanaian textile and garment dealers were very concerned about the impact the possible expiry of AGOA could have on their businesses.

Since its enactment in 2000, AGOA has been at the core of US economic policy and commercial engagement with Africa, according to the official website of US Trade Representative.

AGOA provides eligible sub-Saharan African countries with duty-free access to the US market for over 1,800 products, in addition to the more than 5,000 products that are eligible for duty-free access under the Generalised System of Preferences programme.

To meet AGOA’s rigorous eligibility requirements, countries must establish or make continual progress toward establishing a market-based economy, the rule of law, political pluralism, and the right to due process.

Additionally, countries must eliminate barriers to US trade and investment, enact policies to reduce poverty, combat corruption, and protect human rights.

“By providing new market opportunities, AGOA has helped bolster economic growth, promoted economic and political reform, and improved US economic relations in the region,” the website notes.

When the L.I is passed, importers of 22 restricted items, including rice, sugar, poultry, diapers, and animal intestines would have to apply for a license from a Ministerial Committee, before plying their trade.

The L.I has been heavily criticised by the minority in Parliament which has on three occasions prevented the Minister of Trade, Kobina Tahir Hammond from laying the Legislative Instrument (LI) in the house.

However, Speaking at the opening ceremony of the 6th Volta Trade and Investment Fair in Ho, the National President of AGI, Dr Humphrey Ayim-Darkey said the L.I would complement Ghana’s industrialization drive and would ensure healthy competition between local and foreign products.

Dr Ayim-Darkey said “a recent legislative instrument that has been tabled by the Minister of Trade is facing significant opposition, but the Association of Ghana Industries believes that is the way to bring competitiveness to our country and therefore we have pledged our support to the Minister of Trade and the L.I that has been tabled as much as the principle is correct.”

That notwithstanding, Mr Ayim-Darkey called for wider stakeholder consultations on the L.I for an effective implementation process to achieve the desired goals, aimed at promoting the growth of the economy.

“We believe issues regarding implementation can still be deliberated on where the committee and the chair of the committee and the reporting procedures regarding tabling of applications, the processes, and the role of the Minster of Trade and Industry to accept or deny applications for restricted products can be further discussed and brought to bear on our economy”, he said.

He asserted that the National Export Strategy has good prospects in enhancing Ghana’s participation in the African Continental Free Trade Area, hence its implementation must be well thought through.

Meanwhile, the Joint Business Consultative Forum, comprising associations such as the Ghana Union of Traders Associations (GUTA), Food and Beverages Association of Ghana (FABAG), Importers and Exporters Association of Ghana, Ghana Institute of Freight Forwarders (GIFF), Chamber of Automobile Dealership Ghana (CADEG), and Ghana National Chamber of Commerce and Industry (GNCCI), posited that the LI would have detrimental effects on their business operations if enacted.

They outlined “negative impact on the prices of goods, disruption of the free flow of goods, and potential harm to businesses” as some of the effects of the legislation. These were contained in a petition, dated Sunday, November 26, 2023.

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Tamale Central Member of Parliament (MP), Murtala Mohammed, has expressed concern about President Nana Akufo-Addo’s new appointments to the Ministry of Trade and Industry.

On February 7, President Akufo-Addo named Adansi Asokwa MP, Kobina Tahir Hammond, as the substantive minister for the industry, following the resignation of Alan Kwadwo Kyerematen.

Per a letter from the President which was read by the Speaker of Parliament, MP for Nhyiaeso, Dr Stephen Amoah, will now be expected to deputise for K. T. Hammond at the Ministry.

But reacting to this development, the lawmaker indicated that due to the temperaments of the two politicians, it is not prudent for them to be under one roof.

According to him, putting the two together may also affect work at the ministry.

“We should pray they don’t exchange blows. That’s what I think. These are two very complex individuals. Very, very complex … You are talking of two very complex individuals who are going to work at the same ministry.

“I know honourable K.T. Hammond. He is a no-nonsense man. There are certain things he won’t tolerate under any circumstance. And I know my good friend, ‘Dr Sticker’. When his name was mentioned, we all rose. We were happy for him.

A section of Ghanaians have also questioned the relevance of the President’s recent appointments.

According to some of the critics, they do not understand why the President’s recent changes failed to touch on the Finance Ministry.

In recent times, there have been many calls for the sector minister, Ken Ofori-Atta, to be removed from office over his alleged complicity in the country’s economic crisis.

But despite these widespread concerns, the President says he still has faith in the minister at the helm of the country’s treasury.

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Meanwhile, a Political Science lecturer at the University of Ghana, Professor Ransford Gyampo, has described President Akufo-Addo’s Tuesday governmental appointments as no ministerial reshuffle at all.

According to Professor Gyampo, the exercise mainly filled vacancies in government where there have been resignations and complemented that with token movements of individuals that really do not carry any weight.