By Philip Antoh
In a bold move set to shake up market prices, the Ministry of Trade, Agribusiness and Industry has locked horns with trade bigwigs to slash prices of goods in the coming months.
With the Ghanaian cedi flexing its muscles against foreign currencies, including the US dollar, plans are underway to bring relief to consumers’ pockets.
Trade Minister Elizabeth Ofosu-Adjare spilled the beans during a high-stakes meeting today, revealing that trade associations have committed to dropping prices, with some already taking the plunge amidst the cedi’s bullish run.
In a statement to the media, Mrs. Ofosu-Adjare hailed the meeting as a game-changer, painting a bright economic future on the horizon.
While shying away from the heavy hand of dictating prices, the minister hinted at fruitful negotiations with traders to nudge them towards price cuts.
The early birds have already caught the worm, as importers queue up to slash prices, promising a ripple effect in retail markets in no time.
GUTA had its say at the roundtable, with the government rib-tickling its concerns with a side of policy requests to beef up the price-cutting mission.
As the fuss over port fees and miscellaneous costs fizzles out, market prices are poised to take a nose dive within a couple of months, once the deck is clear of current stocks.
Spotted at the influential gathering were the heavyweights in the industry – Ghana Union of Traders’ Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG).
GUTA President Dr. Joseph Obeng pledged allegiance to the cause, applauding the agreements inked and beckoning for ongoing policy backing to uphold the cedi’s lofty stature.