Traders Advocacy Group Ghana (TAGG) assures reduced prices of imports by May ending

By: Rebecca Okine

President of the Traders Advocacy Group Ghana (TAGG), David Kwadwo Amoateng, has announced that prices of imported goods are expected to decline by the end of May. His comments follow the recent appreciation of the Ghanaian cedi against major international currencies, especially the US dollar.

In a media interview, Mr. Amoateng explained that the stronger cedi is already driving down import-related costs, particularly duties at the ports, which are tied to the dollar. As a result, he says, consumers should begin to experience some price relief on essential goods such as rice, cooking oil, footwear, clothing, and other household items within the coming weeks.

“About 80 per cent of our goods are imported,” Mr. Amoateng said. “The recent drop in the exchange rate now around GH¢13.10 from over GH¢16 means that the next round of imports will cost less, and that benefit will be passed on to the consumer.”

While the Ghana Statistical Service (GSS) has reported a decline in inflation to 21.2% in April from 22.4% in March, many consumers say they have yet to notice any tangible difference in prices. Mr. Amoateng attributes this delay to the natural lag between changes in currency values and their impact on retail prices.

“It takes roughly three months to complete the cycle of production, shipping, and clearing,” Mr. Amoateng said.

This implies that the products currently being sold were bought at a time when the exchange rate was significantly higher. The actual price reductions will only become noticeable once new stock, imported at the current lower rate, reaches the market. Mr. Amoateng urged consumers to exercise patience and shop wisely in the meantime. “We go through rigorous selection, visiting over 18 factories sometimes before choosing where to source goods,” he said. “Similarly, shoppers should take their time to compare prices across different outlets to get the best value.”