Traders who have chosen to reduce the prices of their goods have been advised to market it so the public is aware. This is to help people choose their goods over those still keeping the old prices.
Lawmaker Eric Edem Agbana, representing Ketu North in the Volta region, made these comments on TV3’s BigIssue on NewDay, Monday, May 26, 2025. He indicated that the government cannot compel traders to reduce their prices because the nation operates a free market economy.
This, is why the legislator says the government can only appeal to the conscience of these traders to comply with the directive to lower their prices.
According to Agbana, some traders have deliberately refused to cut their prices just to undermine the government, citing the previous administration’s era, where some traders, without cause, drastically reduced prices, particularly at Abossey Okai. However, he says the feat couldn’t be sustained because it was artificially engineered.
“Because we have a free market economy, it will be very difficult for government to insist that comply with a directive to reduce your prices,” he stated, appealing to the traders to comply with the latest prices on the market.
He stated that marketing their products for the public to know the reduction in cost will breed competition in their favour.
“What we can do is that we want to appeal to the conscience of traders who have the interest of this nation at heart that market your prices when you reduce them. So those who are reducing your prices, let people know. Let people see competition,” he advised.
Government, particularly the Bank of Ghana, has adopted measures to help the Ghana cedi appreciate. As of May 22, 2025, the cedi had appreciated by 24.1% against the US dollar, 16.2% against the British Pound and 14.1% against the Euro according to the data by the Bank of Ghana.
Per the May 2025 Summary of Economic and Financial Data, the cedi is currently trading at around GH₵11.85 to the dollar – GH₵15.84 to the British Pound and GH₵ 13.34 to the Euro.
The government and the Central Bank attribute the rally to a mix of fiscal tightening, improved gold reserves, and sound economic policies. This has led to a reduction in fuel prices, with the government urging traders to reduce the cost of their goods to reflect this. However, some traders have refused to do so.
