Importers and Exporters Group Wants Economic Turnaround to Reflect in Pockets: “Reduce The Prices”
- The Importers and Exporters Association has urged traders to reduce the prices of goods
- The Association's Executive Secretary, Samson Asaki Awingobit, justified the call, citing improved economic conditions
- The Mahama administration has overseen impressive economic stability after years of turmoil
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The Importers and Exporters Association has said it is time for the economic turnaround to reflect in the pockets of Ghanaians.
The Association's Executive Secretary, Samson Asaki Awingobit, told YEN.com.gh it was time for traders to start reducing prices to reflect the economic stability under the John Mahama-led administration.
Source: Facebook
"We in the business community are also appealing to our people to kindly reduce the prices for Ghanaians to enjoy."
"If the government works hard, the government wants to see Ghanaians in the system go to the market and see a reflection.”
Awingobit also noted that banks needed to respond to the economic stability with better borrowing rates for businesses.
Ghana's inflation dropped to its lowest rate since December 2021 after reaching 13.7% year-on-year.
“If inflation has come to 13%, why is it that we are struggling with the interest rates at the banks… inflation was at 40% and interest was 30% but now inflation is 13%, why is interest at 27%?
During the 2025 mid-year budget, Finance Minister Cassiel Ato Forson outlined some major price drops in his presentation.
For example, he noted that prices of petrol and diesel at the pump have reduced significantly to the benefit of consumers. He also said the prices of sugar, rice and cooking oil were at a 4-year low.
Forson also noted that the price of a 25kg bag of royal aroma rice, which used to be sold for GH¢650 in January, is now being sold for GH¢356.
Traders' pledge to start reducing prices around July
Back in May, trader groups said prices of goods would see reductions in and around July as the cedi continued to strengthen.
The Ghana Union of Traders Association and the Association of Ghana Industries met with the government over matters relating to forex and pricing on May 14.
The cedi has been tagged as one of the world’s best-performing currencies.
Source: Getty Images
At the time, the Ghana Union of Traders Association and the Association of Ghana Industries explained that there is a natural lag between changes in the exchange rate and price adjustments on the market due to older stock acquired at previous, higher rates.
Reuters reported that the Government statistician, Alhassan Iddrisu, told the press that the causes of inflation were cooling and there were signs that prices were dropping.
Nigerian traders at Abossey Okai reduce prices
YEN.com.gh reported that Nigerian traders at the Abossey Okai spare parts market took the lead in reducing prices of their goods amid the rapid decline of the US dollar against the Ghanaian cedi.
While the Nigerian traders responded positively, their Ghanaian counterparts lagged, arguing that they had not finished selling their old stock.
Takyi Addo, Head of Communication for the Abossey Okai Spare Parts Dealers Association, said the decision by Nigerian traders to adjust their prices would help them attract more customers.
Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.
Source: YEN.com.gh
