Traders, manufacturers set 60-day deadline to cut prices as Cedi strengthens

Traders and Manufacturers Expect Price Reductions in 60 Days as Cedi Strengthens

Trader groups predict that prices of goods will decrease in the next two months. This expectation comes as the cedi continues to strengthen against foreign currencies.

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 issues related to foreign exchange rates and pricing.

Recently, the cedi has been recognized as one of the world’s best-performing currencies. It appreciated nearly 16% against the dollar.

Although prices remain stable for now, GUTA and AGI noted a delay in price adjustments. This lag occurs because older stock was purchased at higher rates.

GUTA President Dr. Joseph Obeng urged the government to maintain cedi stability. He assured that traders would adjust prices as new stock arrives.

AGI President Dr. Humphrey Ayim-Darke confirmed that manufacturers are ready to reflect these changes in their pricing. He stated, “We believe sincerely that within 60 days, we will see price impacts.”

Previously, GUTA encouraged its members to review and adjust their prices due to the cedi's appreciation.