GUTA and AGI Set 60-Day Timeline to Adjust Prices Following Cedi Gains
Two of the country’s most influential business associations have pledged to adjust consumer prices in the coming months, responding to the local currency’s recent appreciation against the US dollar.
The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) have announced a 60-day transition period during which companies are expected to recalibrate prices to reflect improved exchange rate dynamics. The move follows a meeting on Wednesday with Trade and Industry Minister, Elizabeth Ofosu-Adjare, convened amid growing public pressure for price reductions.
The cedi has strengthened significantly in recent weeks, now trading at approximately GHS12.40 to the dollar—up from levels above GHS 15 earlier in the year. However, price levels for most goods and services have remained largely static, prompting calls for market corrections.
Business leaders argue that the inertia is due to time lags associated with inventory turnover. “There’s a natural delay between currency movements and retail pricing because of stock purchased at prior exchange rates,” said Dr Joseph Obeng, President of GUTA.
Mr Obeng urged the government to sustain the cedi’s current momentum, adding that traders would adjust prices as new inventory is sourced under more favourable exchange conditions.
“If the government can maintain the stability of the cedi, within two months the public will see that the business community is responsive to market changes,” he said.
AGI President Dr Humphrey Ayim-Darke echoed the sentiment, noting that manufacturers remain committed to pricing that reflects macroeconomic realities. “Prices are driven by supply and demand fundamentals. As the cedi strengthens, we expect to see the gains reflected at both wholesale and retail levels within the adjustment period,” he said.
Ghana’s Ministry of Trade has welcomed the announcement, framing it as a positive sign of alignment between fiscal policy and private-sector responsiveness. The Ministry also reaffirmed its commitment to maintaining a stable macroeconomic environment to underpin long-term growth and investment confidence.
