Despite the recent appreciation of the Ghanaian Cedi against major international currencies, the government cannot directly compel traders to reduce prices, according to the Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare.

However, the Minister is emphasizing the need for fairness and open dialogue to ensure consumers also benefit from the improved economic stability.

Speaking on JoyNews’s “The Pulse,” Minister Ofosu-Adjare explained that Ghana operates a liberal market system where price controls are not implemented by the government. “We all know that in Ghana, we don’t control prices, and so the government cannot really push price reduction on them,” she stated. “But because we work together, we can always discuss and see how the stable cedi will benefit both consumers and traders.”

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The Minister highlighted a common practice among traders: increasing prices when the dollar strengthens. Given this, she argued, it is only “fair” and “conscionable” for them to adjust prices downwards now that the cedi has appreciated, reflecting the positive impact of government measures.

Ofosu-Adjare lauded the Ghana Union of Traders Association (GUTA) for proactively engaging its members in discussions regarding potential price reductions. She acknowledged the concerns raised by some traders who purchased their goods when the exchange rate was less favorable. However, she believes a balanced solution can be found.

“I have heard one argument which says that they bought the things already,” she said, “but I think that we can discuss. They can take advantage of and buy some at this time as the dollar is slow, put it together, and find the averages.”

The Minister expressed optimism that ongoing discussions between GUTA and various traders’ associations will lead to outcomes that benefit consumers. She reiterated that if traders demonstrate magnanimity by reducing prices, it will encourage the government to continue implementing sound economic policies, knowing that all citizens will benefit.

“If the traders are magnanimous enough, it will also encourage the government to keep on doing all the right things because the government will know that once it does the right thing, every citizen will benefit,” Ofosu-Adjare concluded.

“And I am sure the traders are benefiting, and they will benefit more if they really bring the prices in line with the rate of the cedi to the dollar.”