Uniformity in prices within 60 days will force reductions – FABAG

Samuel Ato Aggrey is the General Secretary of the Food and Beverages Association of Ghana. He is optimistic that traders will reduce prices in 60 days. This expectation comes from the strengthening Ghana cedi and public pressure.

On May 14, Aggrey spoke on Citi Eyewitness News. He noted that some businesses are already lowering prices due to the cedi's appreciation. As competition increases, more traders will likely follow suit to avoid losing customers.

Aggrey believes there will be a uniformity in prices within 60 days. He explained that those reducing prices create a competitive market atmosphere. If businesses keep their prices high, they risk losing sales.

His comments follow an agreement between GUTA and AGI. They have given businesses a 60-day grace period to adjust prices. This decision came after a meeting with Trade Minister Elizabeth Ofosu-Adjare.

The meeting addressed public demands for lower prices reflecting the stronger cedi. Currently, the cedi trades at about GH₵12.40 to the U.S. dollar.