#Ghana’s Makola and Okaishie traders are resisting calls to immediately reduce prices despite the recent strengthening of the Ghanaian cedi against the US dollar and other major foreign currencies. The cedi’s rebound has sparked public expectations for price cuts, particularly on imported goods. However, traders argue that their current stock was purchased at higher exchange rates, making immediate price reductions financially unfeasible.
Traders say they can only consider price cuts when they restock at the new exchange rates. “If someone placed import orders a month ago when the dollar was trading at 16 cedis, the recent appreciation of the cedi doesn’t automatically reflect in current prices,” said Rebecca Ofosuwaa, a retailer of household consumables. She added that if the cedi remains stable, price reductions might be seen around August.
Some traders have acknowledged minimal price declines in certain commodities. For instance, a bag of sugar previously sold for GHS 740 now costs around GHS 640. Maame Efua, a trader in grains and groceries, echoed this sentiment, stating that most traders have old stock, preventing them from lowering prices until they import new products at the current rates.
The current exchange rate is around 13.50 cedis per US dollar, a significant drop from the previous rate of over 16 cedis. Traders are holding out for further stability in the cedi before making any significant price adjustments.