MAKOLA, OKAISHIE TRADERS RESIST IMMEDIATE PRICE CUTS DESPITE CEDI GAINS
Traders argue old stock purchased at higher exchange rates limits their ability to reduce prices in the short term.
Traders within Accra’s major commercial centers, Makola and Okaishie, are resisting growing public pressure to slash prices, despite the recent appreciation of the Ghanaian cedi against major foreign currencies.
The cedi’s rebound in recent weeks has reignited expectations for price cuts, particularly on imported goods. However, many retailers say their inventory was acquired at higher exchange rates, making immediate reductions unfeasible.
Rebecca Ofosuwaa, a household consumables retailer, expressed her concerns: “I disagree with the calls for price reductions. For instance, if someone placed import orders a month ago when the dollar was trading at 16 cedis, the recent appreciation of the cedi doesn’t automatically reflect in current prices. If the cedi remains stable, we may begin to see price reductions around August.”
Maame Efua, a trader in cereals and groceries, shared a similar view: “Most of us have old stocks so with that we cannot reduce the prices. We can only reduce when we import new products using the new prevailing rates.”
Although the Food and Beverage Association of Ghana has suggested that some prices are beginning to fall, traders contend that the reductions are modest.
“Previously, a bag of sugar was selling for GHS 740, but the current price has dropped to around GHS 640,” one trader noted.
As of Monday, May 13, 2025, some forex bureaus were selling the US dollar at approximately GH¢13.50.
Source:NKONKONSA.com
