The Minister for Trade, Industry, and Agribusiness, Elizabeth Ofosu-Adjare, has indicated that the government cannot compel traders to reduce prices despite the recent appreciation of the Cedi and easing inflation.
Speaking after a closed-door meeting with key 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), she emphasized that Ghana’s liberalized market system limits the government’s ability to enforce price controls.
“The government does not have the power to control prices, but it has the power to negotiate with our stakeholders to ensure traders, manufacturers, and consumers take advantage of opportunities when they happen,” she explained.
According to the Minister, some manufacturers have already indicated a willingness to reduce prices in response to recent macroeconomic gains.
“I am happy to inform you that the direct importers have agreed to reduce their prices, some have already started that,” she stated.
While GUTA and AGI have acknowledged the stabilization of the Cedi, they require time for price adjustments to reflect. “We have also heard from GUTA and AGI that it is good that the Cedi has stabilised but they need a bit of time for it to reflect in the prices. It will happen gradually,” the Minister added.
The meeting aimed to discuss the impact of recent economic developments on prices and explore ways to achieve relief for consumers.