The Association of Ghana Industries (AGI) and the Ghana Union of Traders’ Association (GUTA) have assured the Minister of Trade, Industry and Agribusiness, Elizabeth Ofosu Adjare, that prices of goods and services will go down after the next 60 days.
This assurance was given during a meeting between the minister and stakeholders to explore how the recent appreciation of the cedi can benefit Ghanaians.
The minister, speaking to the media after the meeting on Wednesday, May 14, said direct importers had agreed to lower their prices, with some already implementing reductions.
“I’m happy to inform you that the direct importers have agreed to reduce their prices, and some have already started. We’ve also heard from GUTA and AGI that it is good the cedi has stabilized. They need a bit of time to let this reflect in their prices,” she said.
“It will happen gradually. The direct importers have started reducing their prices for the retailers, and this will be total. When the old stock clears, they will average prices from the new and old stock, and prices will certainly go down, but this will be total in about 60 days,” the minister added.
She said the government has created a stable environment for businesses and expects that consumers will also benefit from it.
“Government has created an enabling environment for businesses to thrive, and it is fair that they transfer part of the dividends to customers. We are all working together as a country so that the cost of living will reduce,” she said.
The minister, however, noted that government cannot force prices down but will continue to engage industry players to make that happen.
