Cedi rise: Traders must stop the daylight robbery and reduce prices of goods or be forced

The National Democratic Congress (NDC) Cadres have issued a strong appeal to traders and importers across Ghana, urging them to immediately reduce the prices of goods and services in light of the recent strengthening of the Ghanaian cedi.

In a statement signed by the Public Relations Officer, Mr. Richard Sarpong, popularly known as Father Casford, on Friday, May 16, 2025, the group called for price reductions as a show of fairness and commitment to national development.

They emphasized that with the local currency gaining strength, the cost of importing goods and producing locally has declined — a benefit they say must be passed on to consumers.

The statement pointed out that producers and wholesalers are currently operating under more favorable conditions, with reduced production and import costs, and insisted that these savings should translate into lower market prices to help ease the financial pressure on Ghanaians.

While acknowledging that Ghana’s economy functions under a liberal market system where prices are not directly controlled by the government, the cadres nevertheless urged state authorities to step in and compel traders to reflect the cedi’s appreciation in their pricing.

They stressed that traders have historically adjusted prices upwards in response to currency depreciation without any delay and asked, "Is it not fair for the traders to adjust prices now that the cedi has appreciated?"

Below is the full press release:
Press Release
To All Media Houses
The Gallant Cadres of NDC
0208573712
0243179445
0542002741
0546572070
Reduce Prices Of Goods And Services Now: Daylight Robbery Must Stop

The Ghanaian traders and importers should immediately reduce prices following the recent appreciation of the Gh Cedi. The Gallant Cadres of NDC believes there is room for fairness and traders must as a necessity push for downward trend in their prices. The producers and wholesalers are enjoying low cost of production, and that must reflect the final price of goods on the market. Though Ghana operates a liberal market system where the government does not fix prices, we believe the state must also intervene to force traders react positively to the fall of the US Dollar. The Gallant Cadres of NDC calls for a deliberate discussion on how the stable cedi will benefit both consumers and traders.

More often than not traders have often increased their prices when the dollar goes up, so is it not fair for the traders to adjust prices now that the cedi has appreciated?

The Ghana Union of Traders Association (GUTA) has already taken the initiative to engage its members on possible price reductions. The proposition of the traders is that they purchased their goods when the exchange rate was higher. With the fall of the dollar the traders want to take advantage of and buy some at this time as the dollar is slow

Urgent discussions between GUTA and the various traders’ associations will help ensure consumers also benefit from the current economic stability. If our traders are magnanimous enough, it will also encourage the government to keep on doing all the right things because the government will know that once it does the right thing. Traders are benefiting, and they will benefit more if they really bring the prices in line with the rate of the cedi to the dollar.

Comrade Richard E A Sarpong, Father Casford. The PRO, 0208573712

Ohemaa Akosua Borngreat, Deputy PRO, 0243179445

Mr F Kadan, Secretary, 0242276044
Eric Nana Tekye, Deputy Secretary, 0546572070

Carrick Kpeglo, Chairman. 0542002741