The Minister for Trade, Industry, and Agribusiness, Elizabeth Ofosu-Adjare, has said that the government cannot compel traders to reduce prices, despite the recent appreciation of the Cedi and easing inflation.
According to her, Ghana’s liberalised market system limits the government’s ability to enforce price controls, making dialogue the most viable path to achieving relief for consumers.
The Minister made the remarks after a closed-door meeting with key business groups, including the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG).
She revealed that some manufacturers have already indicated a willingness to reduce prices in response to recent macroeconomic gains such as a stronger Cedi and declining inflation
“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.
