Gov’t cannot force price reduction on Traders – Trade Minister

Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu- Adjare has said despite recent appreciation of the Ghana cedi, the government cannot push traders into reduction of prices.

The minister made this revelation in an interview on JoyNews, monitored by the NewsGod while insisting that discussions with GUTA and the other necessary stakeholders could influence price reduction. She explained that the government is not responsible for fixation of prices.

In the minister’s words, “We all know that in Ghana, we don’t control prices, and so the government cannot really push price reduction on them. But because we work together, we can always discuss and see how the stable cedi will benefit both consumers and traders.”

While speaking about the Ghana Union of Traders Association (GUTA), the minister hailed the association for taking a step to call on its members to reduce prices on the markets for consumers.

Madam Elizabeth also addressed some concerns raised by some traders regarding goods purchased before the exchange rate dropped saying with discussions a balanced approached can be achieved. She also encouraged these traders to take advantage of the current exchange rate to buy more goods.

The Minister added that further discussions with GUTA and other traders’ association will enable consumers to reap the full benefit of the dollar rate and the current stability of the economy.

She said, “Anytime the cedi depreciates, traders increase their prices. It is just fair, it is just conscionable that prices are reduced to reflect the measures that the government has put in place.”
Elizabeth Ofosu-Adjare concluded that if traders demonstrate goodwill by reducing prices, the government will be forced to continue implementing policies that benefit the economy.