The Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, has appealed to traders to reduce the prices of goods and services in response to the recent appreciation of the Ghana cedi.
She said the government has created an enabling environment for businesses to thrive, leading to the strengthening of the local currency, and it is only fair that citizens benefit from the outcome.
Speaking on Accra-baded JoyNews’ The Pulse on Monday, May 12, the Minister acknowledged that while government cannot control market prices, it expects traders to reflect the cedi’s gains in their pricing.
“And if government has been able to achieve this cedi appreciation, I’m sure it is only right that everybody in the country benefits from it,” she said, adding, “We continue to engage GUTA and the traders to ensure they see reason to pass on the benefits to the public.”
She noted that traders often increase prices when the cedi depreciates, so fairness demands that prices be reduced when the currency strengthens.
“Our cedi has become strong. Anytime it depreciates, traders increase their prices. It is just fair that prices are reduced to reflect the measures government has put in place,” she stated.
“If traders are magnanimous enough to reduce their prices, it will also encourage government to keep doing the right things, knowing that every citizen will benefit,” added the minister.
Meanwhile, the Ghana Union of Traders’ Associations (GUTA), in a statement dated May 11, also urged its members to adjust prices downward in line with the cedi’s appreciation.
“The Ghana Union of Traders’ Associations (GUTA) wishes to appeal to the trading community to adjust prices of goods and services to share the significant gains made by the appreciation of the cedi against the major trading currencies and bring some relief to the consuming public,” the statement signed by GUTA President, Dr. Joseph Obeng, read.
