The Minister for Trade, Industry, and Agribusiness, Elizabeth Ofosu-Adjare, has stated that the government does not have the power to compel traders to lower prices, even with the recent appreciation of the Ghanaian Cedi and a decline in inflation.
Speaking after a closed-door meeting with key business associations, including the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG), the Minister emphasized that Ghana’s liberalised market economy restricts government intervention in price setting. She noted that engagement and dialogue remain the most effective means of securing relief for consumers.
Ofosu-Adjare also disclosed that some manufacturers have already expressed readiness to reduce prices, citing improved economic conditions such as the stronger Cedi and easing inflation as key motivating factors.
“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.
