The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu Aboagye, has announced that a number of businesses and manufacturing firms are preparing to lower the prices of goods beginning July 1, 2025.
According to Mr. Badu Aboagye, many companies have already adjusted their input costs, supplier contracts, and internal accounting frameworks in a bid to pass on the anticipated economic relief to Ghanaian consumers.
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He made these remarks during an interview on PM Express Business Edition hosted by George Wiafe on June 19, 2025.
However, the GNCCI boss cautioned the public against expecting drastic price cuts.
“We should manage expectations on these reductions,” he emphasized, rejecting claims that prices should have seen steeper drops due to the cedi’s appreciation. “Let’s remember that some firms have already implemented price reductions earlier in the year, so what will occur from July 1 will simply be an extension of that.”
Push for Price Cuts Amid Cedi Appreciation
Since April 2025, there has been increasing pressure from government and consumer groups for businesses to reduce prices in response to the appreciation of the Ghanaian cedi. However, many manufacturing firms and traders have called for more time, citing contractual obligations and complex pricing structures.
Mr. Badu Aboagye defended these delays, stating that long-term supply agreements have made it challenging to immediately reflect currency gains in retail prices.
“I strongly believe that based on ongoing engagements with my members, more firms will begin adjusting their prices in the coming weeks,” he said.
Inflation and Producer Price Trends
Recent figures from the Ghana Statistical Service (GSS) show that Year-on-Year Producer Price Inflation fell sharply to 10% in May 2025, down from 18.5% in April 2025. Despite this, critics continue to question why prices remain high.
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Mr. Badu Aboagye explained that while many firms have reduced ex-factory prices, other costs such as transportation continue to impact final retail pricing. He added that local inflation remains higher than imported inflation, emphasizing Ghana’s generally high cost of production.
Utility Tariffs Under Review
In another development, the Public Utilities Regulatory Commission (PURC) is expected to review and possibly reduce tariffs in the coming months.
Mr. Badu Aboagye urged the Commission to consider recent economic trends—including the cedi’s 40% appreciation and declining inflation rates—when making decisions.
“If we want businesses to reduce their prices, reviewing tariffs is one of the surest ways to encourage that. It directly reduces input costs for manufacturers,” he said.
source: Myjoyonline
