Accra: Representatives of traders and captains of industry have justified the slow pace in the reduction of goods and services prices despite the relative stability of the Cedi against the United States dollar and other major foreign currencies on the interbank trade market.
According to Ghana News Agency, the pricing structure in Ghana is influenced by various market forces including the cost of financing, electricity tariffs, duties and taxes, inflation, and factors of production. Stakeholders noted that the recent appreciation of the Cedi against the dollar and other international currencies will not lead to an immediate reduction in prices because existing stocks were procured when the Cedi was weaker. They hope for sustained forex exchange stability so that it eventually reflects in market prices.
These insights were shared during a stakeholder engagement organized by Parliament’s Committee on Trade, Agribusinesses, Industry and Tourism at Parliament House in Accra. The meeting aimed to assess the impact of the Cedi’s appreciation on market prices and address why prices remain high.
Participants included the Ghana Union of Traders’ Association (GUTA), Association of Ghana Industries (AGI), Importers and Exporters Association, Pharmaceutical Manufacturers Association, and Ghana Institute of Freight Forwarders. Mr Joseph Obeng, President of GUTA, and Mr Seth Twum-Akwaboah, CEO of AGI, discussed the dynamics affecting pricing and production factors.
Mr Alexander Roosevelt Hottordze, Chairman of the Trade, Agribusiness, Industry and Tourism Committee, emphasized the Parliament’s commitment to resolving issues affecting Ghanaians’ lives. The Committee supports initiatives that benefit citizens and industry stakeholders. Mr Sampson Ahi, Deputy Minister of Trade, Agribusiness, and Industry, commended stakeholders for their collaboration with the government and pledged support for local manufacturing.
The Parliamentary Committee aims to oversee trade legislation, promote agribusiness and industrial development, and foster sustainable tourism in Ghana.