The Minister for Trade, Industry, and Agribusiness, Elizabeth Ofosu-Adjare, has stated that the government does not have the authority to compel traders to reduce prices, despite recent gains made by the Ghanaian Cedi and a decline in inflation.

Speaking after a closed-door meeting with major business stakeholders, the Minister explained that Ghana’s liberalised market economy prevents the imposition of direct price controls.

She emphasised that constructive dialogue with the private sector remains the most effective strategy to provide relief to consumers.

“As a government, we operate within a liberalised economic system, which does not allow us to dictate prices. However, we are engaging traders and encouraging them to reflect the recent macroeconomic improvements in their pricing,” Madam Ofosu-Adjare said.

The meeting brought together representatives from the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG).

President of GUTA, Dr. Joseph Obeng, assured the Minister of the Association’s willingness to respond positively to the economic improvements.

However, he urged the government to continue stabilising the economy.

“If the government plays its part effectively, in the next two months, Ghanaians will begin to feel the impact,” Dr. Obeng noted.

Dr. Humphrey Ayim-Darke, President of AGI, echoed similar sentiments, stating that the recent stability of the Cedi is promising.

“With the current performance of the Cedi, there’s a strong possibility that prices will drop within the next 60 days,” he said.