Price reductions expected in two months as Cedi gains value

The Ministry of Trade, Agribusiness and Industry, together with several major trade associations, has agreed to reduce the prices of finished goods within the next two months. This will happen only if the Ghana Cedi continues to stay strong against the US dollar and other foreign currencies.

This decision came after a key meeting held on Wednesday, May 14, 2025. Trade Minister Elizabeth Ofosu-Adjare announced the outcome, saying that many associations had agreed to lower prices, especially as some importers have already started doing so because of the Cedi’s recent gains.

Speaking to the media after the meeting, Mrs. Ofosu-Adjare said the discussions were encouraging and could lead to a positive change in the economy. She clarified the government’s role in the matter, saying, “We have indicated that we do not have the power to reduce prices but all that we have as government is to negotiate to get the traders to bring down prices.”

She went on to explain that some direct importers had already started cutting prices and others had promised to do the same. “So, we expect this to be reflected in the retail market soon,” she said.

During the meeting, the Ghana Union of Traders Association (GUTA) shared its concerns, and the government also put forward its own suggestions. According to the Minister, these discussions were balanced and productive.

Mrs. Ofosu-Adjare added that the effects of these price reductions will likely be seen in about two months, once existing stock is sold out and new, lower-priced goods reach the markets.

The meeting brought together important trade groups such as GUTA, the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana.

In a related statement, GUTA President Dr. Joseph Obeng said his association is ready to honour the agreement. He also urged the government to keep working on policies that will help keep the Cedi strong.

The Ministry hopes that as import costs drop and traders respond, consumers across Ghana will begin to feel the benefits of lower prices in the near future.