According to a report by Citi FM on Wednesday, 14th May, 2025, the Minister for Trade, Industry, and Agribusiness, Elizabeth Ofosu-Adjare has said that even though the Ghanaian Cedi is gaining strength and inflation is going down, the government cannot force traders to reduce their prices.
According to the Minister, Ghana operates under a free market system. This means traders are allowed to set their own prices based on how the market works. She explained that the government cannot control these prices directly, but it can talk with traders and business owners to help reduce the cost of goods for consumers.
She made these comments after meeting with important business groups like the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG). During the meeting, they discussed how the economy is improving and how that can help bring down prices.
The Minister said the meeting went well. She shared some good news that some big importers have agreed to reduce their prices, and some have already started doing so. She also said GUTA and AGI agree that the Cedi is now stable, but they need a little more time before the changes in the economy can be reflected in the prices of goods.
She added that the government will continue to speak with manufacturers, traders, and other business owners to make sure they take advantage of the improving economic situation. The hope is that with time, prices of goods will start to come down so that ordinary Ghanaians can feel some relief.
Many people across the country are now talking about the Minister’s comments, with some asking how soon they can expect prices of food and other goods to go down.
Here are some reactions from Ghanaians
