Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, has revealed that the government cannot push traders to reduce prices despite the recent appreciation of the cedi, but insists there is room for fairness.
According to her, Ghana operates a liberal market system where the government does not fix prices. “We all know that in Ghana, we don’t control prices, and so the government cannot really push price reduction on them. But because we work together, we can always discuss and see how the stable cedi will benefit both consumers and traders”.
Speaking on The Pulse on JoyNews, Elizabeth Ofosu-Adjare pointed out that traders have often increased their prices when the dollar goes up, so it is only fair for them to adjust prices now that the cedi has appreciated.
She praised the Ghana Union of Traders Association (GUTA) for taking the initiative to engage its members on possible price reductions.
The Minister acknowledged concerns from some traders who argue that they purchased their goods when the exchange rate was higher. But she believes a balanced approach can be found.
She said, “I have heard one argument which says that they bought the things already, but I think that we can discuss. They can take advantage of and buy some at this time as the dollar is slow, put it together, and find the averages.”
She noted that discussions between GUTA and the various traders’ associations will help ensure that consumers also benefit from the current economic stability.
She added, “Anytime the cedi depreciates, traders increase their prices. It is just fair, it is just conscionable that prices are reduced to reflect the measures that the government has put in place.”
“If the traders are magnanimous enough, it will also encourage the government to keep on doing all the right things because the government will know that once it does the right thing, every citizen will benefit. And I am sure the traders are benefiting, and they will benefit more if they really bring the prices in line with the rate of the cedi to the dollar,” she explained.
