Govt cannot force price reductions – Trade Minister

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

Ghana’s liberalized market system limits the government's ability to enforce price controls. Therefore, dialogue is the best way to help consumers. The Minister made these comments after a meeting with key business groups.

These groups included the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG). She noted that some manufacturers are willing to reduce prices due to recent economic improvements.

“The meeting was fruitful,” she said. “The government cannot control prices but can negotiate with stakeholders.” She added that direct importers have agreed to lower their prices, with some already doing so.

GUTA and AGI acknowledged that while the Cedi has stabilized, they need time for this change to reflect in prices. The adjustment will happen gradually.