The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) have announced a 60-day period for businesses to adjust prices in line with the recent appreciation of the Ghana cedi against the US dollar.

This decision follows a meeting on Wednesday, May 14, with the Minister for Trade and Industry, Elizabeth Ofosu-Adjare, amid growing public pressure for prices to reflect the stronger local currency, which is currently trading at approximately GH₵12.40 to the dollar.

Despite the cedi’s gains, market prices have remained largely unchanged. GUTA and AGI attributed the delay in price changes to the natural lag in stock turnover, noting that many traders are still selling inventory purchased at earlier, higher exchange rates.

GUTA President, Dr. Joseph Obeng, urged the government to maintain the cedi’s stability, promising that traders will adjust prices as new, lower-cost stock enters the market.

“If the government sustains the appreciation of the cedi, we will respond positively. In two months, the impact will be visible across the country,” Dr. Obeng said.

AGI President, Dr. Humphrey Ayim-Darke, echoed the commitment, assuring that manufacturers would reflect the stronger cedi in their pricing structures.

“Prices are driven by supply and demand. We believe that within 60 days, consumers will begin to see the benefits of the improved exchange rate,” he stated.

The Ministry of Trade also expressed confidence in the continued performance of the cedi and reaffirmed government’s commitment to fostering a stable economic environment for both businesses and consumers.