Gov’t, traders agree to slash prices in 60 days if cedi holds steady

The government and major trade associations have made an agreement. They will reduce prices of goods within 60 days. This is contingent on the Ghanaian cedi strengthening against foreign currencies.

The agreement was reached during a meeting on May 14. The Ministry of Trade, Agribusiness and Industry attended this meeting. Several trade associations were also present, including GUTA, AGI, and the Food and Beverage Association of Ghana.

Madam Elizabeth Ofosu-Adjare chaired the meeting. She announced that associations pledged to lower prices soon. Some regulatory bodies have already started reducing their charges due to the Cedi's appreciation.

“Our discussions have been fruitful,” Mrs. Ofosu-Adjare told journalists. She noted a shared understanding among participants about price reductions.

If the Cedi remains stable, Ghanaians should see lower prices soon. Madam Ofosu-Adjare expressed optimism about this collaborative effort. She believes it will help the economy and ease inflation for citizens.