Traders, industries set two-month window for price cuts as cedi strengthens

The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) believe market prices may drop soon. They expect this change if the cedi continues to appreciate.

This announcement followed a meeting with Trade Minister Elizabeth Ofosu-Adjare on May 14.

GUTA stated, “The government should sustain the cedi’s appreciation. We will respond positively.” They emphasized that market forces will determine prices accordingly.

Recently, the cedi has strengthened against the US dollar. It is now trading at about GH₵12.40. Analysts attribute this to rising remittance inflows, stronger gold exports, and high cocoa prices.

GUTA added, “If the government maintains the dollar rate, everyone will notice changes in two months.” They highlighted their dependence on consumers for survival.

AGI supported this view, saying they commend the government’s efforts. They also expressed commitment to reflecting these gains in pricing.

They noted that prices are determined by supply and demand forces. AGI believes that within 60 days, stronger cedi effects will be visible in wholesale and retail prices.