Gov't cannot push price reduction on traders – Trade Minister  

Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, spoke about price reductions. She stated that the government cannot force traders to lower prices. This is due to the recent appreciation of the cedi.

During an interview on The Pulse on JoyNews, she explained Ghana's market system. “We don’t control prices,” she said. Therefore, the government cannot mandate price reductions. However, discussions can occur to benefit both consumers and traders.

Ofosu-Adjare noted that traders often raise prices when the dollar increases. She believes it is fair for them to adjust prices now that the cedi has strengthened. “If the dollar is stable and has appreciated, we need to regroup,” she added.

She praised the Ghana Union of Traders Association (GUTA) for engaging its members. GUTA is encouraging traders to consider reducing their prices. “I commend GUTA for taking this step,” she said. She hopes they will reach a conclusion benefiting both parties.

The Minister acknowledged concerns from some traders about previous purchases at higher rates. However, she believes a balanced approach can be found through discussion. “They can buy goods now as the dollar is slow,” she suggested.

Ofosu-Adjare emphasized that discussions between GUTA and traders' associations are important. These talks will help ensure consumers benefit from economic stability. “The government has created an enabling environment for businesses,” she stated.

She pointed out that when the cedi depreciates, traders increase their prices. It’s only fair for them to reduce prices now as well. If traders show goodwill by lowering prices, it could motivate further government support.

“If traders are generous enough, it encourages good governance,” she said. The Minister believes citizens will benefit if prices align with current exchange rates.