President Mahama Urges Businesses to Reduce Prices in Line with Cedi Appreciation
President John Dramani Mahama has urged businesses to reflect the recent appreciation of the cedi in their pricing structures, calling for broader private sector support in easing cost pressures on consumers amid signs of macroeconomic stability.
Speaking at the 9th Ghana CEO Summit under the theme, “Leading Ghana’s Economic Reset: Transforming Business and Governance for a Sustainable Futuristic Economy,” on Monday, May 26, 2025, President Mahama reiterated his government’s commitment to fiscal prudence, describing price adjustments as a necessary complement to Government efforts aimed at consolidating economic recovery.
“I want to commend those of you (businesses) who have responded to the cedi’s appreciation by reducing prices of your products and services,” the President said. “Let us (businesses) pass on some of these relief to Ghanaians.”
He offered particular praise to the Ghana Private Road Transport Union (GPRTU) for lowering transport fares in recent weeks, framing the move as both timely and socially responsive. “GPRTU, thank you very much,” he said. “And to those who haven’t yet adjusted prices—please do.”
The cedi has seen sustained gains against major currencies in recent weeks, underpinned by tighter monetary policy, improved foreign exchange inflows, and increasing market confidence.
The local unit’s appreciation follows months of pressure from elevated inflation, high interest rates, and external debt restructuring efforts.
While official data suggests inflationary pressures are beginning to ease, many businesses have been slow to reverse price hikes implemented during the currency’s decline.
Economists warn that sticky prices could undermine broader efforts to rebuild purchasing power and consumer confidence.
President Mahama speaking further stressed that the private sector remains a critical partner in ensuring the benefits of macroeconomic stability are felt more widely.
“On the government’s part, I assure you of continued fiscal discipline and a commitment to creating an enabling environment for businesses to thrive,” he added.
The President’s comments are likely to add pressure on traders, retailers and importers to revise prices downward.
