The Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, has noted that government can only persuade and not compel traders to reduce the prices of goods and services amid the appreciation of the Ghana cedi.

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Ghanaians are expecting traders to adjust the prices of their goods and services in response to the gains recorded by the cedi against major trading currencies.

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In an interview on JoyNews, the sector minister noted that the way forward would be to have a series of discussions with the representatives of the traders.

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“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."

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“If the dollar is this stable and has appreciated this much, I think that we need to regroup and see the way forward,” she added.

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President of the Ghana Union of Traders Association (GUTA) Dr Joseph Obeng, has added his voice to the growing calls; arguing that such an action will bring some relief to the Ghanaian consumers and encourage confidence in the economy.

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“The Ghana Union of Traders’ Associations (GUTA) wishes to appeal to the trading community to adjust prices of goods and services to share the significant gains made by the appreciation of the cedi against the major trading currencies and bring some relief to the consuming public,” he stated.

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In response, the sector minister lauded GUTA for commencing engagements to have prices of goods and services reduced.

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“I commend GUTA for even taking the step to prevail on the traders to reduce the cost of their goods. So I think at that meeting, we will brainstorm and come to a very good conclusion which will benefit both traders and consumers,” she said.

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The Ghana cedi has been recognised by Bloomberg as the world’s best-performing currency, having appreciated nearly 16% against the US dollar since April.

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Among those calling for a review in the pricing of goods and services is Economics Lecturer at the University of Ghana, Professor William Baah Boateng, who has cautioned that failing to align domestic prices with the cedi’s upward performance could erode public trust.

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Also, Senior Lecturer at the UCC Business School, Dr Seyram Kawor, asserts that GUTA's call for a decline in prices is on the right path, and as such, traders must comply.

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However, financial analyst Joe Jackson has cautioned Ghanaians against expecting an immediate drop in prices.

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“It will take some time. We are coming out of a national crisis,” he stated in an interview on JoyNews.

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The average interbank rates used by commercial banks for transactions at the close of business, 12th May, show the US dollar buying at GH₵13.09 and selling at GH₵13.10. The British pound is buying at GH₵17.42 and selling at GH₵17.44. The euro is currently being bought at GH₵14.74 and sold at GH₵14.85.

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Meanwhile, Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has assured that the days of sharp and unpredictable swings in the value of the Ghanaian cedi are gradually fading, crediting this to improved inflows and ongoing reforms in the foreign exchange market.

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