At last: Transport fares to drop by 15% from May 24

Transport Fares to Drop by 15% From May 24

Transport fares in Ghana will drop by 15% starting Saturday, May 24. This decision follows negotiations between transport operators and the government.

The fare reduction is due to the cedi's appreciation against the US dollar. This change has also led to lower fuel prices.

Abass Imoro, the Industrial Relations Officer of the Ghana Private Road Transport Union, called this price reduction timely. He noted that spare parts sellers have promised to lower their prices soon.

However, these reductions have not yet taken effect. Currently, prices for lubricants remain unchanged despite previous increases.

Expectations for Price Reductions on Goods and Services

Ahead of the fare reduction, there are expectations for lower prices on goods and services. Trader groups believe Ghanaians may see price drops within two months.

The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) met with Trade Minister Elizabeth Ofosu-Adjare on May 14. They discussed calls for price reductions across various sectors.

Stakeholders explained that there is often a delay in adjusting market prices after changes in exchange rates. This lag occurs because older stock was purchased at higher rates.