Makola, Okaishie Traders Push Back on Immediate Price Cuts Despite Cedi Appreciation

Traders at the bustling Makola and Okaishie markets in Accra are resisting growing pressure to slash prices, even as the Ghanaian cedi strengthens against major foreign currencies, particularly the US dollar.

In recent weeks, the cedi has posted a notable recovery after prolonged depreciation, stirring public expectations for lower prices—especially on imported goods. However, many traders insist that reducing prices now is not financially viable due to the higher exchange rates at which they previously acquired their stock.

“For example, if someone ordered goods a month ago when the dollar was around GHS16, the recent drop to GHS13.50 doesn’t change our cost prices,” explained Rebecca Ofosuwaa, a retailer dealing in household consumables. “If the cedi stays stable, we might start seeing price drops around August.”

While the Food and Beverage Association of Ghana has reported slight decreases in the cost of some commodities, traders argue that these reductions are minimal and not widespread.

They maintain that significant price adjustments will only be possible if the cedi’s recent gains are sustained over a longer period.