The Minister for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare has today, Wednesday, May 14, met with industry players over the reduction of food prices.Elizabeth Ofosu-Adjare 's meeting with the leadership of the Ghana Union of Traders Association (GUTA), Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG) comes at a time when the local currency is appreciating against foreign currencies.But the change is yet to reflect on goods, prompting calls for stakeholders to take action.During the meeting, the Minister indicated that the power to adjust goods and services does not lie in the hands of the government but with traders. She made during a meeting with the leadership of 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 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.“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.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.He added that the situation may delay the immediate price adjustment in goods and services.

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