Publish benchmark prices to support Cedi gains – CUTS Int’l to GSS

Appiah Kusi Adomako, Director of CUTS International, has made a call to action. He urged the Ghana Statistical Service (GSS) to track and publish benchmark prices for essential goods. This move aims to promote market transparency and fair pricing.

His comments follow a recent appeal from the Ghana Union of Traders’ Associations (GUTA). GUTA encouraged traders to lower prices in light of the cedi's appreciation against the US dollar. They described this rebound as a “timely and welcome” development.

On May 12, 2025, during the Citi Breakfast Show, Mr. Adomako acknowledged GUTA’s good intentions. However, he noted that success depends on market response and transparency.

He proposed that the GSS monitor prices at ports. This should include taxes and profit margins while publishing accessible benchmark prices for commonly consumed goods.

Mr. Adomako emphasized that this information should focus on items in the national consumption basket used for inflation calculations. This would make data more relevant for everyday consumers.

He explained that showing the gap between GSS published prices and market charges would inform consumers better. Currently, there is an imbalance in pricing knowledge between sellers and buyers.

He argued that increased transparency would empower consumers and encourage fairer pricing. "Currently, businessmen know more about prices than consumers," he said.

To illustrate his point, he provided an example: If a product costs Ghc10 in the market, consumers may have no choice but to pay it or seek cheaper options. However, if GSS indicates that after taxes it should not exceed Ghc6, businesses might adjust their prices accordingly.

Mr. Adomako concluded by urging the GSS to enhance its efforts during this period of currency strength. He stressed the importance of real-time price monitoring and publication.

"We need to see more from the Ghana Statistical Service regarding price monitoring," he stated.