Expect Gradual Price Cuts in 60 Days — AGI, GUTA Tell Consumers
Ghanaian consumers can expect a gradual reduction in the prices of goods and services within the next 60 days, following renewed commitments from the Association of Ghana Industries (AGI) and the Ghana Union of Traders Association (GUTA).
The pledge was made during a meeting with the Minister for Trade, Industry, and Agribusiness, Elizabeth Ofosu-Adjare, on Tuesday, May 14, 2025, amid Ghana’s strengthening currency performance.
Cedi Gains Ground, Businesses Cautious But Hopeful
The Ghanaian cedi has appreciated significantly in recent weeks, currently trading around GHS12.40 to the dollar—compared to over GHS15 earlier this year. Despite this, most market prices have remained unchanged, raising concerns among consumers and economic observers.
GUTA President Dr. Joseph Obeng attributed the delay in price adjustment to older stock bought at higher exchange rates. “We cannot immediately revise prices due to the cost of inventories already in the system,” he explained. He added that continued currency stability will be essential in ensuring that businesses can reduce prices sustainably.
Dr. Humphrey Ayim-Darke, President of AGI, also stressed that industry leaders are monitoring economic indicators closely. He urged government to maintain fiscal discipline to support the gains recorded in recent months.
Trade Ministry Engages Private Sector for Consumer Relief
Minister Ofosu-Adjare noted that while government cannot enforce price cuts in a free market, it plays a key facilitative role. She said the Ministry will continue to engage stakeholders to ensure the benefits of macroeconomic stability are passed on to consumers.
“We’ve seen some direct importers already adjusting prices downward, and this is expected to ripple through to the retail level over the 60-day period,” she said.
The Ministry also reaffirmed its commitment to creating a predictable business environment to support long-term investor confidence and consumer welfare.
Also Read: Finance Minister Ato Forson Urges Traders to Lower Prices Amid Cedi Stability
