Cut prices to maintain public trust – Importers and Exporters Association to traders

The Importers and Exporters Association of Ghana is warning that businesses risk losing public trust if they fail to reduce prices in line with the stabilising cedi and easing inflation ahead of the Christmas season.

The Association argues that with forex now more accessible and port charges easing, consumers deserve relief after months of high costs.

Executive Secretary Samson Asaki Awingobit tells Citi Business News that traders cannot continue blaming exchange-rate volatility for high prices when the economic conditions have clearly improved.

As he puts it, “I have no qualms. I have called vigorously that business community should reduce the prices to the citizenry to also enjoy the Christmas.” He recalls how businesses quickly passed on costs when the dollar surged:

“Because August when there were hitches in the dollar you witnessed the cry,” adding that the situation has now changed. With forex available at banks and port clearances occurring at “10.9,” he questions, “why can’t you reduce your prices.”

But Awingobit warns that inaction could prompt state intervention. He notes that if firms refuse to adjust prices despite the improved environment, public sentiment may shift in favour of government regulation.

“If you are there and you refuse to reduce your prices and the Minister for Trade moves to parliament today with an LI that she wants to regulate prices she will get support from Ghanaians,” he cautions, urging businesses to act responsibly. “We should not wait for that time to happen. We should be reasonable and rational in our promise.”

With inflation moderating and the cedi showing rare stability, the Association insists the business community has an opportunity to demonstrate fairness — and retain consumer confidence — by passing on the gains.

Meanwhile, government on Tuesday, November 11, 2025 met with key trade groups—including GUTA, spare parts dealers and transport operators—to address persistent price hikes despite the cedi’s steady gains. The meeting, led by Trade Minister Elizabeth Ofosu-Adjare, followed concerns that irregular spare parts prices were pushing transport fares up and worsening living costs.

Officials questioned why spare parts costs remain high even after nine months of cedi stability. While dealers noted that prices for most car parts have dropped, they explained that parts for Sprinter buses remain expensive due to surging demand and limited supply.

Government also heard complaints that many transport owners buy through middlemen, known as “Affairs,” who significantly mark up prices.

Deputy Finance Minister Thomas Nyarko Ampem urged traders to reflect the stronger cedi in their pricing, while the Trade Minister reaffirmed government’s commitment to fair pricing and improved market monitoring. Stakeholders agreed to set up a joint platform to resolve concerns quickly and reduce public confrontations.