Gov’t Cannot Enforce Price Cuts Despite Cedi Gains – Trade Minister

The Minister for Trade, Industry, and Agribusiness, Elizabeth Ofosu-Adjare, has stated that the government cannot mandate price reductions despite recent improvements in the macroeconomic environment, including the strengthening of the Cedi and declining inflation.

Speaking after a closed-door meeting with key business stakeholders — including the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG) — the Minister stressed that Ghana’s liberalized market system limits government control over pricing.

“Our market economy does not permit the government to fix prices,” she said. “However, we are engaging stakeholders to ensure that economic stability benefits the average consumer.”

She revealed that some manufacturers and importers have already shown a willingness to lower prices in response to the improving economy.

“I’m pleased to report that some direct importers have started reducing prices. We’ve also received positive feedback from GUTA and AGI. While the Cedi’s stability is a good sign, they indicated that it may take some time for this to fully reflect in retail prices.