Despite the Ghana cedi’s recent appreciation, business leaders say price reductions won’t happen immediately.
The Association of Ghana Industries (AGI) and the Ghana National Chamber of Commerce and Industry (GNCCI) explain that many traders are still selling stock acquired at higher exchange rates.
AGI CEO Seth Twum-Akwaboah welcomed the cedi’s strength as a sign of economic stability but cautioned, “Eventually it should impact pricing. The question now is the timing—one will have to be a bit cautious.” He added that pricing is influenced by multiple factors, not just exchange rates.
GNCCI CEO Mark Badu-Aboagye echoed this, saying, “It is unfair to expect traders who bought stock at a higher rate to absorb the loss by lowering prices.” He stressed that businesses need sustained currency stability to plan effectively.
Economist Prof. John Gatsi supported the position, explaining that businesses will only adjust prices after replenishing stock at the new rates. “It is all about sustaining the gains,” he said.
The Ghana Union of Traders’ Associations (GUTA) urged the trading community to pass on the benefits of the cedi’s gains, while commending the Bank of Ghana and government for their efforts.
The cedi has strengthened significantly since March, with Bloomberg naming it the world’s best-performing currency in May. However, experts agree that real price relief depends on how long the gains last.
