We Will Reduce Prices In 60 Days If Cedi Remains Stable – Trade Associations Assure Government

The Ministry of Trade, Agribusiness and Industry, in collaboration with key trade associations, has secured an agreement to lower the prices of finished goods within the next two months, contingent on the continued stability of the Ghana Cedi against the US dollar and other major foreign currencies.

The agreement was finalized during a high-level meeting held on Wednesday, involving stakeholders from various sectors of the economy. Minister Elizabeth Ofosu-Adjare, addressing the media afterward, confirmed that the participating trade groups had committed to adjusting prices downward in response to the Cedi’s recent gains.

Government Facilitates Negotiations, Traders Commit to Reductions

Minister Ofosu-Adjare emphasized that while the government cannot unilaterally enforce price cuts, it played a crucial mediating role in securing the consensus. “Our responsibility was to engage stakeholders and negotiate fair adjustments. We are pleased that importers and traders have responded positively,” she stated.

She further noted that several direct importers have already begun reducing their prices, with broader market effects expected in the coming weeks. “As existing stocks are cleared, consumers should start seeing these changes reflected in retail prices within the next 60 days,” the Minister added.

Trade Associations Pledge Cooperation

The meeting included representatives from major industry bodies such as the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG). Dr. Joseph Obeng, President of GUTA, affirmed the association’s commitment to honoring the agreement while urging policymakers to implement additional measures to sustain the Cedi’s strength.

“We recognize the importance of stabilizing prices for economic relief, but long-term currency policies are equally critical to maintaining this progress,” Dr. Obeng remarked.

Economic Relief on the Horizon

The anticipated price reductions are expected to ease financial pressures on consumers and businesses alike, fostering greater economic stability. The Ministry will continue monitoring market trends to ensure compliance with the agreed-upon adjustments.

This development marks a significant step in the government’s efforts to mitigate the cost of living and enhance purchasing power, with stakeholders optimistic about the potential economic benefits in the months ahead.

Source: GhanaFeed.Com