GUTA (Ghana Union of Traders’ Associations ) has been urged to reflect recent currency gains in retail prices, with the minister for Trade, Agribusiness and Industry Elizabeth Ofosu-Adjare warning that failure to do so risks eroding consumer confidence and undermining market credibility.
At a meeting with the leadership of the GUTA, the minister addressed concerns over pricing behaviour, market regulation and the persistent problem of foreign fronting, against the backdrop of the cedi’s recent appreciation.
Ofosu-Adjare said price adjustments must move in tandem with currency movements, stressing that consistency is critical to maintaining public trust. “If the dollar drives prices up, then the same dollar must drive prices down. That consistency is important if we want consumers to respect the market,” she said.
She described foreign fronting, where non-Ghanaians allegedly operate businesses reserved for locals, as fraudulent misrepresentation and a criminal offence under Ghanaian law, calling for closer collaboration between traders and regulators to identify and curb the practice.
GUTA executives acknowledged the pricing challenges, pointing to supply constraints, monopolistic control over certain spare parts and strong global demand as factors limiting immediate price reductions. They nevertheless assured the government of their willingness to cooperate and improve transparency.
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The minister welcomed ongoing initiatives to enhance market oversight, including the rollout of digital pricing and monitoring tools, and said her ministry remained open to regular engagement with traders to address emerging concerns.
Concluding a series of meetings with business stakeholders, Ofosu-Adjare reiterated her open-door policy and pledged swift action on industry issues. “My job is to help industry. If industry thrives, the economy thrives, and we all thrive,” she said, adding that government would continue working with the private sector to build a more resilient, competitive and inclusive economy.
