Amadu Mustapha Tanko is the Member of Parliament for Bia West
The Member of Parliament for Bia West, Amadu Mustapha Tanko, has called on importers and businesses to reduce the prices of goods and services to reflect the recent appreciation of the Ghana cedi against the US dollar.
In an interview on Thursday, June 12, 2025, the MP highlighted the significant strides made by the government in stabilising the cedi and urged the business community to pass on the benefits to ordinary Ghanaians.
He noted that the cedi’s appreciation has already impacted the fuel industry positively.
“When we took over, the price of fuel was hovering around GH¢15.6. Even before the election, it was over GH¢17. Today, some Oil Marketing Companies (OMCs) are selling fuel for less than GH¢11,” he stated.
He attributed this reduction to the government’s policies which have strengthened the cedi, making imports less expensive for businesses that rely on the US dollar.
The MP acknowledged that it was initially challenging for businesses to lower prices immediately due to existing stock purchased at higher exchange rates.
However, he emphasised that with old stock likely depleted, businesses should now adjust their pricing to reflect the cedi’s improved value.
“By the grace of God and through the policies of the government, the cedi has appreciated significantly. My plea to importers is that they help the government so that the efforts being made will reflect in the lives of the ordinary Ghanaian,” Tanko said.
He further stressed the collective mandate given to the government by Ghanaians, noting that the administration has exceeded expectations in stabilising the economy.
“We collectively decided to bring this government to power, and so far, we have lived up beyond expectation,” he added, urging businesses to align with the government’s efforts to ensure Ghanaians feel the tangible benefits of the cedi’s appreciation.
“Ghanaians must witness the significance of the change they voted for,” he emphasised.
The cedi has appreciated by approximately 24% against the US dollar in the first four months of 2025, with the exchange rate dropping below GH¢11 for the first time since 2023, according to industry reports.
This has led to calls from various stakeholders for businesses to adjust prices downward to reflect the currency’s gains.
Tanko’s appeal comes amid ongoing discussions about the slow pace of price reductions despite the cedi’s appreciation.
Stakeholders, including the Ghana Union of Traders’ Association (GUTA), have noted that while some goods like rice and oil have seen price drops of up to GH¢200, other factors such as fuel costs, interest rates, and taxes continue to influence pricing decisions.
GA/AE