Some traders at Accra’s Makola and Okaishie markets are resisting growing public pressure to reduce the prices of goods, despite the recent appreciation of the Ghanaian cedi against the US dollar and other major foreign currencies.
In recent weeks, the cedi has strengthened significantly, reversing a long trend of depreciation. This improvement has renewed public expectations for a drop in prices, particularly for imported items. But many traders say such expectations are premature.
“Our current stock was bought when the dollar was much higher. We can only reduce prices when we restock at the new exchange rates,” explained Maame Efua, a trader in grains and groceries.
As of Monday, May 12, some forex bureaus were selling the US dollar at GH¢13.50, compared to over GH¢16 just weeks ago.
Traders also responded to claims by the Food and Beverage Association of Ghana, which suggested that prices of certain goods were beginning to drop. They acknowledged a slight decline but described it as marginal.
“For example, a bag of sugar that used to sell at GH¢740 now goes for about GH¢640,” said one trader.
Rebecca Ofosuwaa, a retailer of household goods, also pushed back against the demand for immediate price cuts.
“If someone ordered goods last month when the dollar was at GH¢16, the current rate doesn’t apply to that stock. If the cedi holds steady, we might start seeing price reductions by August,” she said.
Despite public frustration, traders insist that pricing decisions must reflect their cost structures, which are still affected by past currency volatility.
