Prices of Goods to Drop Within 60 Days – Trade Minister Assures
The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has assured Ghanaians that prices of goods and services are expected to see a significant decline within the next 60 days, following the recent appreciation of the Ghana cedi against the US dollar.
Speaking at a meeting in Accra with the leadership of the Ghana Union of Traders’ Association (GUTA) and the Association of Ghana Industries (AGI), Mrs. Ofosu-Adjare noted that engagements with major importers had resulted in positive commitments to lower prices.
According to the minister, direct importers have agreed to reduce wholesale prices to retailers once existing stock—purchased at previous exchange rates—is sold out.
“I’m pleased to announce that many direct importers have already begun adjusting their prices downward. We’ve also received encouraging feedback from GUTA and AGI about the cedi’s recent stability,” she said.
She added that the full impact on retail prices will be gradual but noticeable as the older stock clears out. “The reduction will be more widespread once a balance is achieved between old and newly priced stock, and we estimate this process will take about 60 days.”
Mrs. Ofosu-Adjare expressed confidence that the strengthened cedi will translate into more affordable prices for consumers in the coming weeks.
