The Member of Parliament for Ketu North, Eric Edem Agbana, has expressed disappointment in some traders who are refusing to reduce the prices of their goods despite the government’s deliberate efforts to ensure this.
The appreciation of the Ghana cedi, with its corresponding drop in fuel prices, according to Agbana, should have led to a drop in commodity prices.
However, some traders have refused to comply, with the lawmaker saying the decision of these traders, despite the favourable indices, is a means to sabotage the government.
“I also know that some traders, deliberately, as a way of sabotaging government have refused to reduce their prices and we’ve seen it in this country before,” he has noted.
During the BigIssue segment on TV3’s NewDay Monday, May 26, 2025, the legislator recalled how some traders drastically reduced the prices of their goods in 2017 when the new government took over.
He particularly cited Abossey Okai, the hub of vehicle spare parts in the country, where some traders who campaigned against the then Mahama administration reduced their prices due to the change of government.
Agbana noted that some reduced their prices by as much as 50% but couldn’t sustain it because it was artificial.
He expressed dismay over the decision of some traders to drastically reduce their prices without cause under one regime, yet refuse to do the same under another when deliberate measures have been taken to ensure this.
“You could recall, in 2017, when the new government was sworn-in, some traders in Abossey Okai reduced their prices drastically. After President Akufo-Addo won the election, some traders in Abossey Okai, who were very vocal, campaigning against the then Mahama administration, reduced their prices. Some reduced it by 50%, even when there was no deliberate government policy that led to the reduction of those prices.”It wasn’t sustainable because it was done for political reasons. But what we have today is a deliberate government policy to have prices of these items reduced and yet some are refusing to respond because for them, it is politics as usual,” he recounted.
He also shared how difficult it would be for the government to compel people to reduce the prices of their goods since Ghana operates a free market economy.
He, however, advised traders who have the nation’s interest at heart to reduce their prices to market their goods for consumers to shift to theirs.
“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. 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.
We are not artificially engineering unsustainable appreciation of cedi – BoG Governor
