The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has revealed that Ghanaian importers have expressed willingness to adjust prices on their items, following the stability of the cedi.The Minister's revelation comes at a time when the local currency is appreciating against foreign currencies.While engaging with the Ghana Union of Traders Association (GUTA), Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG) on Wednesday, May 14, the Minister noted that the reduction would be a gradual process.She clarified that price adjustments for goods and services are determined by traders and not the government, but the power to liaise between consumers, traders, and manufacturers.“The meeting has been fruitful and we have said that the government does not have the power to control prices, but it has the power to negotiate with our stakeholders to ensure traders, manufacturers, and consumers to ensure that they take advantage of opportunities when they happen.

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“I am happy to inform you that the direct importers have agreed to reduce their prices, some have already started that. We have also heard from GUTA and AGI that it is good that the Cedi has stabilised but they need a bit of time for it to reflect in the prices. It will happen gradually,” she stated.

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Meanwhile, players in the business community have argued that the significant reduction in the prices of goods and services cannot occur over time, despite the cedi appreciating against the dollar.

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According to the Dean of the University of Cape Coast School of Business, Professor Gatsi, most traders and businesses are yet to sell off old stock that were bought at higher exchange rates.

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He added that the situation may delay the immediate price adjustment in goods and services.

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