The Ministry of Trade, Agribusiness and Industry and trade associations have agreed to reduce market prices of finished goods.
The agreement reached will be executed in the next two months if the cedi continues its good run against the US dollar and other major foreign currencies.
The minister in charge of the sector, Elizabeth Ofosu-Adjare, announced that all the associations have agreed to cut prices since some agencies have started reducing charges due to the gains made by the cedi.
This was after a short meeting on May 14, 2025.
Addressing journalists after the meeting, Mrs Ofosu-Adjare said, “We have indicated that we do not have the power to reduce prices, but all that we have as a government is to negotiate to get the traders to bring down prices,” she pointed out.
“I am happy to announce that some of the direct importers have already begun reducing prices, and others have also agreed to reduce prices. So, we expect this to be reflected in the retail market soon. We have heard from GUTA this morning, and they have explained their concerns, which the government has also made some demands on”, she said.
She added that “We hope that the reduction of prices from the port and all that will be felt in about two months’ time or 60 days when most of the old stocks have been sold ou”t, she added.
The meeting was attended by the Ghana Union of Traders Association, the Association of Ghana Industries, the Food and Beverage Association of Ghana, among others.
By: Rainbowradioonline.com/Ghana