With the cedi showing strong gains against the dollar, private legal practitioner Martin Kpebu is calling for immediate action to ensure ordinary Ghanaians benefit through reduced prices of goods.
Speaking on TV3’s KeyPoints program on Saturday, May 17, Mr. Kpebu urged the Minister of Trade, Agribusiness and Industry, Mrs. Elizabeth Ofosu-Adjare, to take a firmer stance in response to traders’ reluctance to cut prices. His plea comes amid ongoing public frustration that prices of goods remain high despite a stronger cedi and lower fuel prices.
“GUTA, let’s come down,” Kpebu said, referring to the Ghana Union of Traders Associations. “The prices stay where they are, and the fleecing of the consumer continues because government is not tough on traders.”
The cedi has recently appreciated to about GHC14 to $1, sparking nationwide calls for price reductions. Oil Marketing Companies have already responded, lowering prices at the pump, but many traders have insisted they need more time, at least sixty days, to sell off old stock before adjusting prices.
But Kpebu isn’t convinced. He argues that the free market does not excuse what he calls “economic injustice.”
“The point is that, sometimes government too can push,” he said. “Yes, we are in a free market economy, but it gets to a point where the traders are fleecing us too much. We should do something to rein them in.”
He emphasized that while the government may not have direct control over prices, it does have the power to influence behavior through policy direction and public advocacy.
Kpebu also pointed out that many Ghanaians lack the knowledge or tools to challenge unfair pricing themselves.
“Citizens too are not that empowered and enlightened to act to get traders to do the needful,” he added.
His remarks follow a May 14 agreement between the Ministry of Trade and various trade associations, which committed to reducing prices over the next two months, if the cedi’s strength holds.
While the Minister expressed optimism about this voluntary deal, Kpebu believes that without stronger pressure, relief for consumers may take too long to arrive.
