The Minister for Trade, Industry, and Agribusiness, Elizabeth Ofosu-Adjare, says the government cannot compel traders to lower prices, even with the recent appreciation of the Cedi and declining inflation.
After a closed-door meeting with key business groups, including the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG), she explained that Ghana’s liberalised market system prevents the government from enforcing price controls. Instead, she emphasised that dialogue remains the most effective way to bring relief to consumers.
“The meeting went well. Although the government cannot fix prices, it continues to engage stakeholders to encourage traders and manufacturers to reflect macroeconomic improvements in their pricing,” she said.
Further, she noted that some manufacturers have already shown willingness to reduce prices in response to improved economic indicators such as a stronger cedi and easing inflation.
“Several direct importers have agreed to reduce their prices, with some already taking action. GUTA and AGI have welcomed the Cedi’s stability but requested a little more time for it to influence market prices, noting that the adjustment will happen gradually.
SOURCE;Citinewsroom
