Although the Cedi has recently appreciated and inflation has decreased, Elizabeth Ofosu-Adjare, Minister for Trade, Industry, and Agribusiness, has stated that the government cannot force traders to lower prices.
She contends that since the government’s power to impose price controls is limited by Ghana’s liberalized market system, discussion is the most practical means of providing people with relief.
The Minister’s comments followed a private meeting with important business organizations, such as the Food and Beverage Association of Ghana (FABAG), the Association of Ghana Industries (AGI), and the Ghana Union of Traders Association (GUTA).
She disclosed that in reaction to recent macroeconomic benefits like a stronger Cedi and falling inflation, several producers have already expressed a desire to lower prices.
“The meeting has been fruitful and we have said that 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 to ensure that they take advantage of opportunities when they happen.
“I am happy to inform you that the direct importers have agreed to reduce their prices, some have already started that. 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,” she stated.
