The Ministry of Trade, Agribusiness, and Industry has reached an agreement with key trade associations to significantly reduce the prices of finished goods within the next two months.
This development follows the recent appreciation of the Ghanaian cedi against major foreign currencies.
Trade Minister Elizabeth Ofosu-Adjare made the announcement after a brief meeting held on May 14, 2025, stating that importers and traders have agreed to reduce prices following successful government-led negotiations.
Speaking to journalists, Mrs. Ofosu-Adjare described the discussions as fruitful and expressed optimism about the impact on the economy.
“We’ve made it clear that government does not have the power to enforce price reductions, but we can negotiate and that’s exactly what we’ve done,” she stated.
She further explained that some importers have already begun reducing prices, while others are expected to follow once their old stock is cleared.
“We anticipate that the full impact of these reductions from the ports to the markets will be felt within two months, or approximately 60 days,” she added.
Trade associations present at the meeting included the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana.
GUTA President Dr. Joseph Obeng assured the public of the association’s compliance with the agreement and urged the government to implement policies that will sustain the cedi’s improved performance.
