The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has clarified that the government cannot impose price reductions on traders despite the recent appreciation of the Ghanaian Cedi against the US dollar.
Her remarks come in response to growing public debate over whether commodity prices should be adjusted downward following the Cedi’s strengthening.
The Ghana Union of Traders’ Association (GUTA) has called on its members and other traders to reduce prices in line with the local currency’s recent gains.
Since the start of the year, the Cedi has appreciated by more than 10 percent against major international currencies, offering some relief in import-related costs.
However, the issue of price adjustments has stirred division within the trading community.
Some traders argue that the current market prices reflect goods purchased when the dollar was at its peak, above GH¢16 and reducing prices now could lead to losses.
Others believe that traders should demonstrate consistency by lowering prices just as swiftly as they raise them when the Cedi weakens.
Despite these debates, the Trade Minister emphasised that while collaborates closely with trade associations, price adjustments ultimately lie within the domain of private sector decision-making.
While the government can encourage and engage stakeholders on pricing policies, it lacks the authority to enforce reductions, especially in a liberalised market economy.
