The Minister for Trade, Agribusiness and Industry, Mrs. Elizabeth Ofosu-Adjare, has announced that consumers should expect a gradual reduction in the cost of goods and services over the next months as the cedi gains against the US dollar.
The assurance follows a meeting on Wednesday between the Ministry, the Ghana Union of Traders’ Association (GUTA), and the Association of Ghana Industries (AGI).
According to the minister, major importers have agreed to lower wholesale prices once existing stock purchased at higher exchange rates is cleared.
“Some importers have already started reducing prices, and others will follow. This adjustment will take full effect within 60 days as old inventory is phased out,” she explained.
She emphasized the government’s efforts to sustain a business-friendly environment, expressing optimism that the cedi’s stability will hold.
“We hope the positive trends continue so consumers can fully benefit from these economic improvements,” she added.
The GUTA President, Mr. Joseph Obeng, confirmed that importers are beginning to pass on cost savings to retailers, urging the government to maintain policies that support the cedi’s strength.
He predicted visible changes within two months. Stating, “In a competitive market, businesses will adjust prices; just give it time.”
On his part, the AGI President, Dr. Ayim Darkeh, lauded the government for capitalizing on favorable global trade shifts, including U.S. tariff policies that have indirectly boosted the cedi.
He called for the mid-year budget review to reinforce these gains, ensuring lasting economic relief.
Both government and private sector leaders have hailed the collaborative approach to addressing pricing challenges. With the cedi’s performance holding steady, stakeholders are optimistic that the coming weeks will bring much-needed relief to consumers if current economic conditions persist.
