Collins Sefa Consumers across the country are mounting pressure on businesses, importers and traders to reduce prices ahead of the Christmas and New Year festivities, arguing that market rates no longer reflect Ghana’s recent economic gains.
The calls follow the cedi’s strong appreciation against major trading currencies and noticeable improvements in key macroeconomic indicators.
According to Bank of Ghana data, the cedi appreciated by 32.2 per cent against the US dollar, 26.4 per cent against the British pound and 18.8 per cent against the euro between November 2024 and November 2025. The local currency strengthened from GH¢15.27 to GH¢11.12 to the dollar during the period, with similarly sharp gains recorded against the pound and euro.
Inflation has also eased significantly, dropping from 23.8 per cent in December 2024 to 8.0 per cent in October 2025 — Ghana’s first return to single digits in four years. In response, the Bank of Ghana has cut the monetary policy rate from 28 per cent in May to 18 per cent by November.
Despite the improvements, consumers say prices of goods and services have not reflected the stronger currency or falling inflation.
Market Response Remains Weak
Across several markets in Accra — Kaneshie, Madina, Agbogbloshie and the Adentan Shopping Mall — prices of staple foods remain largely unchanged, with only marginal reductions in a few items.
Even food vendors, the Daily Graphic observed, have adopted strategies that mask the economic gains, including reducing portion sizes while maintaining old prices.
At a popular eatery in Adentan, a customer questioned why a GH¢30 portion of fufu was smaller than last year’s, despite the improved cedi. The vendor argued that ingredient prices, particularly cassava and plantain, had not fallen.
Field checks show fluctuating prices: a paint bucket of tomatoes now sells for GH¢130, down from GH¢150 last week, while onion prices have swung between GH¢50 and GH¢80 in recent months. Poultry prices have reduced slightly, with live broilers going for GH¢220 and layers for GH¢150.
Importers and Retailers Trade Blame
The President of the Greater Accra Markets Association (GAMA), Mercy Naa Afrowa Needjan, said retailers were prepared to reduce prices, but importers were reluctant to adjust theirs.
“Any time the cedi depreciates, traders increase prices using the exchange rate as justification. Now that the cedi is appreciating, prices should drop too,” she said.
But the President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, disagreed, insisting that about 80 per cent of items in the market had seen reductions, especially spare parts and imported goods. He blamed misinformation from mechanics and middlemen for distorting the true picture.
Inflation Explained
The CEO of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, clarified that a decline in inflation does not necessarily mean prices fall.
“Inflation at 8 per cent means prices are rising more slowly — not that prices have gone down,” he said.
He added that high production costs, including electricity and transport, continued to inflate prices of local goods.
Producers Urge Patience
The President of the Ghana Vegetable Producers Association (GVA), Felix Yao Kamassah, said prices of imported products would fall gradually because many were shipped before the cedi strengthened.
He noted that transport charges remained unchanged despite the economic gains, limiting the ability of suppliers to reduce prices.
Consumer Protection Agency
The CEO of the Consumer Protection Agency (CPA), Kofi Kapito, said traders were shifting their arguments to justify high prices.
“The cedi has been appreciating since the beginning of the year, yet many prices have not dropped. Even basic foods like kenkey have not seen reductions,” he said, blaming persistent high maize prices for keeping food costs elevated.
