CEDI GAINS WILL LOWER PRICES WITHIN 60 DAYS – Trade Minister Assures
Elizabeth Ofosu-Adjare confirms importers will reduce prices as old stock clears, praises GUTA-AGI collaboration.
Ghana’s Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has assured the public that the ongoing appreciation of the Ghana cedi will result in significant reductions in the prices of goods and services within the next 60 days.
Speaking during a high-level meeting with the leadership of the Ghana Union of Traders’ Association (GUTA) and the Association of Ghana Industries (AGI) in Accra, the minister disclosed that direct importers have already begun adjusting wholesale prices downward and have committed to further reductions once existing inventories—purchased at higher exchange rates—are cleared.
“I’m happy to inform you that the direct importers have agreed to reduce their prices, and some have already started doing that,” she said.
“They need a bit of time to let this reflect in their prices… once the average between old and new stock balances out, prices will come down within 60 days.”
Data from the Bank of Ghana supports the minister’s optimism, showing that from March 12 to May 12, 2025, the cedi appreciated from GH¢15.53 to GH¢13.09 per dollar (buying rate). Similar gains were recorded against the British pound and the euro.
This comes on the back of stronger fiscal management, favorable credit ratings, and Bank of Ghana interventions. Bloomberg recently named the cedi the best-performing currency in the world for the month.
Despite the positive macroeconomic indicators, many Ghanaians are yet to feel relief in everyday prices. Mrs. Ofosu-Adjare emphasized that the government has created a conducive environment for businesses to pass on these gains to consumers, expressing confidence that the benefits will materialize soon.
GUTA President Dr. Joseph Obeng confirmed that importers are already feeling the impact of the cedi’s gains and have started reflecting that in pricing structures. He urged the government to maintain sound policies to sustain the cedi’s performance.
“Most importers have started getting the benefit of this, and some are already sharing it with the public,” he noted. “Do whatever it takes to sustain this, and within two months, all Ghanaians will feel the difference.”
AGI President Dr. Ayim Darkeh also commended the government for seizing global economic opportunities and encouraged further consolidation of gains in the upcoming mid-year budget.
Source:NKONKONSA.com
