The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) have announced a 60-day window for businesses to adjust prices in response to the Ghana cedi’s recent appreciation against the US dollar.Ghanaian food recipes
This decision followed a high-level meeting on Wednesday, May 14, with the Minister for Trade and Industry, Elizabeth Ofosu-Adjare. The meeting was convened amid growing calls from the public for market prices to reflect the cedi’s strengthening performance, which now sees it trading at approximately GH₵12.40 to the dollar.
Although prices of goods remain relatively unchanged, GUTA and AGI explained that there is a natural lag between changes in the exchange rate and price adjustments on the market due to older stock acquired at previous, higher rates.
GUTA President, Dr. Joseph Obeng, appealed to government to maintain the cedi’s current stability, assuring that traders would adjust prices as new stock arrives.
“The government should continue to do its good work by sustaining the appreciation of the cedi, and we will do our job. We will respond positively. The market forces will determine the prices, and they will respond accordingly,” he said.
“All that we need is for the government to sustain the dollar rate, and in two months, everybody in the country will witness that the business community also thinks about the consuming public. We depend on them to survive, so there is no way we will not pass on any gains when we have them.”
AGI President, Dr. Humphrey Ayim-Darke, shared a similar view, pledging that manufacturers are prepared to reflect the gains in their pricing.
“We commend the government and also want to state that we are committed to reflecting these gains in our pricing. Prices are ultimately determined by the forces of supply and demand. We believe sincerely that within the 60 days, the impact of the stronger cedi will be seen in the wholesale and retail prices.”
The Ministry of Trade expressed optimism about the sustainability of the cedi’s performance and reaffirmed government’s commitment to ensuring a stable economic environment.