Consumer advocacy group CUTS International is calling on the Ghana Statistical Service (GSS) to begin tracking and publishing standard import prices and the corresponding profit margins of selected goods at the country’s ports.
According to the group, this move would enhance market transparency and empower consumers to resist arbitrary price hikes.
The call comes in the wake of a notable appreciation of the Ghanaian cedi, which gained approximately 32% against the US dollar between January and late May 2025—rising from GHS 15.00 to GHS 10.20 per dollar. While analysts have credited the improvement to stronger export earnings and a rise in remittance inflows, the anticipated trickle-down effect on prices is yet to materialise in many sectors of the economy.
CUTS believes that publishing benchmark import prices and expected margins will help expose unjustifiable price markups and create pressure on importers and retailers to adjust prices fairly.
“If the Statistical Service states that the import price of an iPhone 14 Pro Max, after adding duty and a fair profit margin, should average GHS 8,000, but consumers are being charged GHS 14,000, people will begin to ask questions. Making this information public would reduce the information gap between sellers and buyers and help bring prices closer to reasonable levels,” said Appiah Kusi Adomako, West Africa Regional Director for CUTS International.
Veteran importer Kwening Asante Boateng, who has been in the second-hand clothing business for nearly three decades, confirmed that the cedi’s appreciation has indeed led to some price reductions.
“Prices of bales of clothes have gone down—some from GHS 1,000 to GHS 700, others from GHS 2,000 to GHS 1,500. This particular bale of children’s clothes, which used to cost GHS 3,000, now sells for GHS 2,500,” he said.
Despite the improvement, he warned that these reductions can only be sustained if the currency remains stable.
Retailers across various markets echo the same concern. At Kantamanto, Vice Chairman of the Used Clothing Association, Daniel Ampadu, said while price adjustments have begun, traders remain cautious due to lingering uncertainties over the cedi’s stability.
“Now that we’ve marginally reduced prices, if the cedi starts to depreciate again, the effects could be severe. We also still have old stock to deal with. That’s why we’re urging the government to ensure the cedi’s appreciation is sustained over time,” he said.
The optimism is shared by spare parts traders at Abossey Okai, who foresee significant price drops if the local currency maintains its strength.
“If the cedi remains stable, I can confidently say that by the end of July, around 80% of spare parts prices will drop,” said Takyi Addo, Head of Communications for the Abossey Okai Spare Parts Dealers Association.
In Parliament, Chairperson of the Trade, Industry, and Tourism Committee, Alexander Roosevelt, urged the Bank of Ghana to intensify surveillance on forex markets and international trade indicators to help preserve the currency’s gains.
“The Bank of Ghana must closely watch the movement of the dollar and monitor both local and international business trends to ensure the cedi remains strong,” he said.
As consumers continue to grapple with high prices, CUTS believes proactive transparency from the Ghana Statistical Service could force a market reset that truly reflects the currency’s recent appreciation.
