Samuel Ato Aggrey, General Secretary of the Food and Beverages Association of Ghana(FABAG), has expressed optimism that market prices will begin to reflect the cedi gains within the next 60 days, citing emerging signs of price adjustments in some sectors.
Speaking on Citi Eyewitness News on Wednesday, May 14, Mr. Aggrey noted that while price reductions have already begun in parts of the market, greater uniformity is expected in the coming weeks as competition forces more traders to review their pricing strategies.
“We are hopeful that within those 60 days, the prices will change. Some of them have already started seeing the effect. If you go to the market and do your survey, you will know that some of the prices of goods have come down. By 60 days, we are going to see uniformity in the prices of goods,” he stated.
Explaining the reason for this anticipated trend, he added, “What will happen is that those who will be reducing their prices will create a lot of competitive atmosphere in the market. Therefore, if your goods are still selling at a high price, you will be forced to reduce them. If you are not careful, and you say that you are going to maintain your old price, you are going to create an atmosphere of competition that will go against you.”
His remarks come on the heels of a high-level meeting between the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Minister for Trade and Industry, Elizabeth Ofosu-Adjare. The meeting concluded with a 60-day window being granted to traders and businesses to adjust their prices under the cedi’s improved performance.
The Ghana cedi has been gaining strength in recent weeks, currently trading at approximately GH₵12.40 to the US dollar. This development has sparked widespread public demand for a corresponding drop in the prices of goods and services, particularly those imported using foreign currency.
According to Mr. Aggrey, the combination of improved currency stability and competitive market pressure will serve as a powerful catalyst for realigning prices, with consumers likely to benefit from increased affordability by the end of the adjustment period.
