In a bid to ease consumer pressure and reflect improving economic conditions, the Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) have pledged to review and adjust prices within the next 60 days, in response to recent gains in the Ghanaian cedi.
The announcement followed a strategic meeting with the Minister of Trade and Industry, Elizabeth Ofosu-Adjare, on the back of rising public concern over stagnant market prices despite a stronger cedi.
Currently, the Ghanaian cedi is trading at GH₵12.40 to the dollar from over GH₵15 earlier this year marking a notable recovery in the country’s exchange rate performance. However, prices for many goods and services have yet to budge, raising questions about the responsiveness of businesses to macroeconomic shifts.
According to Dr. Joseph Obeng, President of GUTA, the delay in price changes stems from practical inventory cycles.
“There’s a natural delay between currency movements and retail pricing because of stock purchased at prior exchange rates. If the government can maintain the stability of the cedi, within two months the public will see that the business community is responsive to market changes.” he explained.
Dr. Obeng emphasized that stability and predictability are crucial for retailers to confidently adjust prices, noting that any gains from a stronger currency will materialize as new inventory is sourced at lower costs.
AGI President Dr. Humphrey Ayim-Darke backed the plan, assuring that manufacturers are equally committed to fair pricing in line with economic fundamentals.
“Prices are driven by supply and demand fundamentals. As the cedi strengthens, we expect to see the gains reflected at both wholesale and retail levels within the adjustment period,” he said.
The Ministry of Trade and Industry has welcomed the business community’s commitment, hailing it as a “positive sign of alignment between fiscal policy and private-sector responsiveness.” The Ministry reiterated its dedication to preserving macroeconomic stability to foster investor confidence and sustainable growth.
For consumers, the next 60 days may usher in long-awaited relief at the checkout counter if the cedi holds firm and businesses deliver on their pricing promise.
