The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu Aboagye, has announced that more businesses and manufacturing firms are likely to reduce prices of goods from July 1, 2025.
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He explained that many firms have now adjusted their financial books, input costs, and supplier contracts. This will allow them to pass on the expected relief to consumers.
Speaking on PM Express Business Edition with George Wiafe on June 19, Mr. Badu Aboagye advised Ghanaians to manage expectations.
“We should manage expectations on these reductions,” he stated, dismissing suggestions that price cuts should be large simply because of the time it has taken for firms to respond to the cedi’s appreciation.
He added, “Some industries began reducing prices earlier this year. What happens from July 1 will only add to those reductions.”
Cedi Gains and Price Pressure
Calls have intensified for businesses to align their prices with the recent appreciation of the Ghana cedi. Since April 2025, the local currency has strengthened significantly, prompting both government officials and consumers to urge manufacturers and traders to ease prices.
However, many firms argue they need time to adjust, especially those bound by fixed-term contracts with suppliers. “I strongly believe that, based on discussions with my members, more companies will lower their prices in the coming weeks,” Mr. Badu Aboagye said.
New data from the Ghana Statistical Service shows a sharp drop in Year-on-Year Producer Price Inflation, from 18.5% in April to 10% in May 2025. This has led to further scrutiny of why prices remain relatively high despite the cedi’s strong performance.
Mr. Badu Aboagye pointed to transportation costs as one of the key factors, even as many firms have already cut their ex-factory prices. “Recent CPI data showed that local inflation was higher than imported inflation. This tells you production costs in Ghana remain very high,” he emphasized.
Utility Tariff Concerns
The Public Utilities Regulatory Commission (PURC) is expected to announce revised tariffs in the coming months.
Mr. Badu Aboagye believes the PURC must reduce tariffs to reflect economic conditions. “Inflation has declined, and the cedi has appreciated by over 40% since the last tariff review. There’s no justification not to cut tariffs now,” he argued.
He added that lowering tariffs would be a practical way to reduce input costs and encourage further price reductions by businesses.
