Despite growing public pressure for a reduction in market prices following the recent appreciation of the cedi, many traders say they are not in a position to reduce prices just yet.
While some essential goods like foodstuffs have remained relatively stable, imported products continue to reflect the effects of the previous economic turbulence.
The current pricing dilemma, traders argue, is tied to the higher exchange rates under which most goods were brought into the country. Many retailers are still selling stock imported when the dollar was trading at GH₵15 to GH₵16.5, long before the cedi began to stabilize.
In an exclusive interview, Anthony Oppong, Ashanti Regional Chairman of the Ghana Union of Traders Association (GUTA), shed light on the situation, explaining that nearly 98% of goods in warehouses were imported at those peak rates.
“These were not bought at today’s rate, so you can’t expect prices to fall immediately,” he explained.
Oppong revealed that many traders also relied on loans to finance imports during the high-dollar period. For them, slashing prices suddenly could mean devastating losses.
“If they reduce prices drastically now, they may not recover their capital. Some may collapse entirely,” he cautioned.
However, there is some relief in the market. Goods imported from neighboring countries such as Ivory Coast and Togo—notably rice and cooking oil—have already seen price reductions thanks to more favorable trade conditions.
“We have asked those bringing goods from these countries to adjust prices—and they’ve responded positively,” he said.
Despite the cedi’s recent gains, Mr. Oppong urged Ghanaians to be patient, emphasizing that a significant reduction in prices will take time. The older, high-cost stock must first be cleared before consumers can benefit from the current exchange rate improvements.
“What we imported at the old rate must first be sold before new stock at better exchange rates can impact the market,” he explained.
His comments come amid rising calls from consumers for immediate price drops. But as he noted, economic recovery in trading circles doesn’t happen overnight, and a full reset of market prices may take more time than expected.
