14/05/2025
Trade Ministry, GUTA, AGI agree to slash prices in 60 days if Cedi stabilizes
The Ministry of Trade, Agribusiness and Industry, Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) with other trade associations have reached an agreement to significantly reduce the prices of finished goods over the next two months, provided the Ghana Cedi maintains its favorable performance against the US dollar and other major international currencies.
The consensus was reached during a meeting held in Accra with the Trade associations .
The discussions were focused on price regulation and other pressing concerns affecting businesses and consumers across the country.
The meeting comes at a time when the Ghanaian economy is showing signs of modest recovery, with the local currency appreciating slightly against major foreign currencies and inflation on a slow but steady decline.
Following the discussion, The Minister for Trade, Agribusiness and Industry, Hon. Lawyer Elizabeth Ofosu-Adjare - MP announced the positive outcome, stating that the participating associations have agreed to implement price reductions.
This agreement follows some agencies already beginning to lower charges in response to Cedi’s appreciation.
The Minister was pleased to report that some direct importers have already initiated price reductions, with others also committing to follow suit.
“So, we expect this to be reflected in the retail market soon,” she noted.
The union agreed that there is the need to support fair policies to ease the burden on local businesses and restore consumer confidence.