Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, says the government cannot mandate traders to lower prices, even with the recent strengthening of the cedi. However, she emphasized the importance of fairness and dialogue in ensuring consumers benefit from the improved exchange rate.
Speaking on JoyNews’ The Pulse, the Minister noted that Ghana operates a liberal market economy, where pricing is not state-controlled.
“In Ghana, we don’t fix prices by law, so government can’t force reductions,” she explained. “But through collaboration, we can find common ground so the stable cedi benefits both traders and consumers.”
She pointed out that traders are often quick to raise prices when the dollar appreciates, and therefore, it is only fair for prices to reflect the cedi’s current strength.
“With the cedi now stable and appreciating, it’s time for stakeholders to come together and determine the way forward,” she said.
Madam Ofosu-Adjare commended the Ghana Union of Traders Association (GUTA) for initiating talks with members about adjusting prices.
“I applaud GUTA for encouraging traders to reduce prices. I believe these discussions will yield a solution that’s fair to both sides,” she added.
The Minister acknowledged that some traders may have stocked up when the exchange rate was higher, but suggested that a more balanced pricing approach is possible.
“Yes, some goods were bought when the dollar was high, but now they can purchase at the current lower rate and average things out,” she proposed.
She stressed that ongoing engagement between GUTA and other trade groups would help ensure the benefits of economic stability reach the consumer.
“The government has worked hard to stabilize the cedi and create a business-friendly environment. It’s only fair that this is reflected in market prices,” she said.
She concluded by saying that if traders voluntarily reduce prices, it would serve as a positive signal to the government to continue its supportive economic policies.
“If traders show goodwill by aligning prices with the stronger cedi, it encourages the government to keep doing what’s right, knowing the benefits will reach every citizen,” she said.
