• Victor Amos
• Africa , Economy , Local News , News
• May 14, 2025
• 495 views
• 2 minutes Read

Trade Ministry and Associations Pledge Price Reductions Within 60 Days,If Cedi Stabilizes

May 14, 2025, The Ministry of Trade, Agribusiness, and Industry, in collaboration with key trade associations, has agreed to implement substantial price cuts on finished goods within the next two months provided the Ghana Cedi maintains its current strength against major foreign currencies, particularly the US dollar. The decision was finalized during a high-level meeting held on Wednesday, May 14, 2025, involving major industry stakeholders. Trade Minister Elizabeth Ofosu-Adjare confirmed the development, noting that several businesses have already begun adjusting prices in response to the Cedi’s appreciation. Speaking to reporters after the meeting, Mrs. Ofosu-Adjare emphasized the government’s role in facilitating negotiations rather than imposing price controls. “While the government cannot mandate price reductions, we have successfully engaged with traders to secure their commitment to lowering costs,” she stated. The Minister revealed that some importers have already reduced their prices, with broader market adjustments expected soon. “We anticipate these changes to reflect in retail prices as existing stocks are gradually phased out,” she added. Representatives from the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries, and the Food and Beverage Association of Ghana attended the meeting. GUTA President Dr. Joseph Obeng affirmed the association’s commitment to the agreed measures and urged additional policies to sustain the Cedi’s stability. This move is expected to ease financial pressures on consumers, with the full effects likely to be felt within the next 60 days.