Cedi gains: Gallant Cadres applaud GPRTU for agreeing to reduce lorry fares by 15%

The Gallant Cadres of the National Democratic Congress (NDC) have commended the Ghana Private Road Transport Union (GPRTU) and sections of the trading community for their decision to reduce transport fares by 15% and lower the prices of goods, following the recent appreciation of the Ghanaian cedi against the US dollar.

The group described the move by GPRTU as a demonstration of patriotism and empathy towards the struggles of ordinary Ghanaians.

In a statement issued and signed by the Cadres on Monday, May 19, 2025, they reiterated their commitment to defending the welfare of the people and championing social justice. “As proud defenders of the people’s welfare and champions of social justice, we will continue to advocate for a fairer market system that protects the interests of the ordinary citizen,” the statement read.

The Cadres used the opportunity to call on the Ghana Union of Traders Associations (GUTA) to encourage its members to follow the example of GPRTU by reducing the prices of goods on the market to match the improved macroeconomic conditions.

The statement further urged both traders and drivers to let the appreciation of the cedi and the recent drop in fuel prices signal the beginning of meaningful economic relief for Ghanaians.

Below is the full statement:
Press Release
To All Media Houses
The Gallant Cadres of NDC
0208573712
0243179445
0542002741
0546572070
15% Reduction In Transport Fares, A Welcoming News

The Gallant Cadres of NDC will like to commend Commercial Drivers and Traders for responding fovourably to market conditions by reducing prices of goods and services as the Dollar experiences a downward spiral trend. The development is a patriotic act and sign of sensitivity to the plights of Ghanaians.

Ghanaians are missing the bad governance of the failed Akufo-Addo and Bawumia led NPP Government. If the NPP had been in government, $1 would have been selling at Gh 25. Aside from this, bond holders would have demonstrating without any hope of securing payments for their maturing bonds.

The Gallant Cadres of the National Democratic Congress (NDC) are calling on the leadership of the Ghana Union of Traders Association (GUTA) and all market actors to urgently take steps to reduce the prices of goods and services across the country. This would reflect the decision of the Ghana Private Road Transport Union's (GPRTU) 15% reduction in transport fares, effective Saturday, May 25, 2025.

In recent weeks, the Ghanaian cedi has shown notable signs of appreciation against major foreign trading currencies, especially the US dollar. This development is welcomed news to many Ghanaians who have long borne the brunt of high prices and economic hardship. More encouragingly, fuel prices — particularly for petrol and diesel — have also dropped significantly, reducing transportation and distribution costs, culminating into GPRTU's decision to reduce transport fares.

These improvements should not remain mere statistics in the financial reports or isolated gains seen only by a few. They must reflect meaningfully in the daily lives of ordinary Ghanaians, especially in the form of reduced prices of essential goods and services.

As a key player in Ghana's economic ecosystem, GUTA must show leadership by ensuring that traders across the country are well-informed about these positive economic shifts. The stabilization of the cedi and the drop in fuel prices are clear signals that the cost of doing business is easing. We expect this to translate into fairer pricing at the retail and wholesale levels.

We, the Gallant Cadres of the NDC, urge GUTA to step up its public education and monitoring efforts, sensitizing its members to adjust their pricing to reflect these changes. Consumers should not continue to suffer under inflated prices when the cost of importation, transportation, and production has dropped.

Furthermore, we call on government institutions, particularly the Ministry of Trade and Industry and the Ghana Standards Authority, to collaborate with GUTA to ensure that there is transparency and accountability in pricing. The price reductions should not only be real but also equitable, so that every Ghanaian, regardless of location or status, benefits from the improving economic conditions. As proud defenders of the people’s welfare and champions of social justice, we will continue to advocate for a fairer market system that protects the interests of the ordinary citizen. Let the appreciation of the cedi and the fall in fuel prices mark the beginning of real relief for the Ghanaian people.

The Ghanaian Cedi's appreciation against the US dollar can be attributed to several key factors, including: Improvement in the Bank Of Ghana's Gold Reserves.

IMF Deal: The International Monetary Fund's approval of a $3 billion Extended Credit Facility arrangements have significantly contributed to the cedi's recent gains, boosting investor confidence and reinforcing positive market sentiment.

Monetary Policy: The Bank of Ghana's monetary policy decisions, such as locking 15% of all deposits in the banking sector as reserves, have helped prevent excess liquidity from demanding dollars and supported the local currency.

Reduction in Import: A decrease in imports has also played a role, as fewer dollars are needed for importation, thereby reducing demand for the US currency and increasing the value of the cedi.

Improved Export Performance: Ghana's export performance, particularly in the gold and cocoa sectors, has experienced significant price increases, contributing to the cedi's appreciation.

Increased Foreign Exchange Reserves: A jump in foreign exchange reserves has served as a safety net against future currency instability, further supporting the cedi's value.

Investor Confidence: The cedi's stability and potential for growth have attracted investors, with foreign holdings of local currency bonds reaching a record high of $7.1 billion in March 2023.

Global Economic Trends : Retaliatory tariffs from China, the EU, and others have neutralized potential dollar appreciation, while concerns over US economic stability have reduced demand for dollar-denominated assets, contributing to the cedi's appreciation.

Let us work together to build an economy that works not just on paper, but in the homes, pockets, and lives of every Ghanaian.

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
Signed:
Gallant Cadres of the National Democratic Congress (NDC)