The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) say Ghanaians could begin to see lower market prices within the next two months if the cedi’s recent appreciation is sustained.
The announcement comes after a stakeholder meeting with the Minister for Trade and Industry, Elizabeth Ofosu-Adjare, on Wednesday, May 14.
“The government should continue to do its good work by sustaining the appreciation of the cedi, and we will do our job. We will respond positively.
The market forces will determine the prices, and they will respond accordingly,” GUTA stated during the meeting.
The cedi has recently gained ground against the US dollar, now trading at around GH₵12.40—a development analysts have attributed to rising remittance inflows, stronger gold exports, and high cocoa prices.
“All that we need is for the government to sustain the dollar rate, and in two months, everybody in the country will witness that the business community also thinks about the consuming public,” said GUTA.
“We depend on them to survive, so there is no way we will not pass on any gains when we have them.”
AGI echoed this sentiment: “We commend the government and also want to state that we are committed to reflecting these gains in our pricing.
“Prices are ultimately determined by the forces of supply and demand. We believe sincerely that within the 60 days, the impact of the stronger cedi will be seen in the wholesale and retail prices.”
