Representatives of the trading and industrial sectors have explained the slow pace in the reduction of market prices, despite the recent relative stability of the Ghanaian Cedi against the US dollar on the interbank market.
According to them, Ghana operates a liberal pricing structure largely dictated by market forces. These include the cost of financing, electricity tariffs, taxes and import duties, inflation fluctuations, and the overall cost of production. As a result, they noted, while the Cedi’s appreciation is welcome, it will take time before it translates into noticeable reductions in the prices of goods and services.
These views were shared during a stakeholder engagement organized by Parliament’s Committee on Trade, Agribusiness, Industry and Tourism at Parliament House in Accra.
The event brought together key stakeholders such as the Ghana Union of Traders’ Associations (GUTA), Association of Ghana Industries (AGI), Importers and Exporters Association, Pharmaceutical Manufacturers Association, and the Ghana Institute of Freight Forwarders.
In his opening remarks, Mr. Alexander Roosevelt Hottordze, Chair of the Trade, Industry and Tourism Committee, said the Committee was established to oversee trade-related legislation, promote agribusiness and industrial growth, and foster sustainable tourism in Ghana.
Deputy Minister for Trade and Industry, Sampson Ahi, reaffirmed the government’s readiness to collaborate with the private sector to support local industry. He announced the upcoming launch of the ‘Feed the Industry’ project—an initiative aimed at addressing raw material shortages that hinder industrial growth.
“As part of the 24-hour economy initiative, one of the biggest challenges facing the manufacturing sector is access to raw materials,” he said. “The ‘Feed the Industry’ project will promote commercial farming through partnerships with the private sector, using designated land banks to grow critical raw materials for local industries. The launch is imminent.”
