General Secretary of the Food and Beverages Association of Ghana, Samuel Ato Aggrey, has expressed optimism that ongoing market forces will compel traders to reduce prices of goods within the next 60 days, owing to the strengthening Ghana cedi and mounting public pressure.
Speaking on Citi Eyewitness News on Wednesday, May 14, Ato Aggrey explained that as some businesses begin to reflect the cedi’s recent appreciation in their pricing, competition will naturally push others to follow suit or risk losing customers.
“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,” he said.
“By 60 days, we are going to see a uniformity in the prices of goods, because 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 you’re going to maintain your old price, you are going to create an atmosphere of competition that will go against you, ”he assured.
His remarks come in the wake of an agreement between the Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) to give businesses a 60-day grace period to adjust their prices, following a high-level meeting with the Minister of Trade and Industry, Elizabeth Ofosu-Adjare.
The meeting was called in response to growing public demands that prices in the market should reflect the improving strength of the Ghanaian cedi, which now trades at approximately GH₵12.40 to the U.S. dollar.