Trade Minister pushes for fair pricing as cedi gains strength

By: Ernest Afram

The Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, has urged traders across the country to demonstrate fairness and goodwill by adjusting their prices in line with the recent stability and appreciation of the Ghanaian cedi.

In a media interview, Madam Ofosu-Adjare revealed that she has initiated steps to engage the leadership of the Ghana Union of Traders Associations (GUTA) and other trade bodies in a meeting aimed at discussing practical ways of ensuring that consumers benefit from the strengthened cedi.

“I have since called the president of GUTA, and I work closely with them. We are setting up a meeting with other trade associations, We all know that in Ghana, we don’t control prices, so government cannot really push price reduction on them. But once we work together, we can always discuss and see how the stable cedi can benefit both consumers and traders.” She said.

The Minister acknowledged this concern and insisted that the time is right for traders to show leadership. “There have been times that the dollar has gone up and traders have increased their prices, so if the dollar is this stable and has appreciated this much, I think that we need to regroup and see the way forward” she said.

She commended GUTA for taking a proactive step in urging its members to consider price adjustments, describing it as a responsible move that must be encouraged across the trading community. “I commend GUTA for even taking the step to prevail on traders to reduce the cost of their goods. At that meeting, we will brainstorm and come to a very good conclusion which will benefit both traders and consumers.” She added

Madam Ofosu-Adjare also praised the general business environment, noting that government efforts to stabilize the economy are yielding positive results. She highlighted the contributions of the Finance Ministry, the Ghana Gold Board, and GUTA in building investor confidence, boosting exports, and ensuring that businesses are not hoarding or exporting foreign currency.

“People are no longer rushing to move their dollars out. The business environment is generally good. If the government has been able to achieve this, then it’s only right that everyone in the country benefits,” she said.

She assured that government will continue to engage with the business community to build consensus and ensure that the improved economic conditions under President John Dramani Mahama translate into relief for ordinary Ghanaians. “We will continue to engage GUTA and the other trade associations to ensure that they see reason to adjust prices and ensure that the benefits of a stable economy are felt by all” she said.