KRACHI EAST MP CALLS ON TRADERS TO LOWER PRICES AMID CEDI APPRECIATION

The Member of Parliament for Krachi East, Nelson Kofi Djabab, has appealed to traders across Ghana to reduce the prices of goods and services in light of the recent surge in the value of the Ghanaian cedi against major international currencies.

In a statement to the press on Thursday, May 29, 2025, Djabab pointed out that the cedi has strengthened significantly—appreciating by 28% against the US dollar, 22% against the British pound, and 21% against the euro in recent weeks. He emphasized that such gains in the currency’s value should naturally lead to price reductions in the market, especially for imported goods, which have become less costly in cedi terms.

The MP stressed that while prices often rise quickly when the cedi weakens, the same energy should be applied when the currency recovers. According to him, this would help reduce the financial burden on ordinary Ghanaians, who have been grappling with high living costs.

Djabab’s call echoes similar sentiments shared by other government officials. Finance Minister Dr. Cassiel Ato Forson recently urged traders to reflect the cedi’s appreciation in their pricing structures. He attributed the currency’s stability and growth to sound economic planning and policy discipline and insisted that consumers should benefit from these improvements.

Trade Minister Elizabeth Ofosu-Adjare also weighed in, calling on market players to act fairly. She noted that traders were quick to raise prices during the cedi's depreciation, and therefore, should equally act now by reducing them. She added that doing so would reinforce public confidence in government efforts to stabilize the economy.

The Bank of Ghana has reported steady gains in the cedi, citing factors such as fiscal discipline, increased gold reserves, and improved investor confidence. As of late May 2025, the cedi had appreciated over 24% against the dollar and shown similar trends against other major currencies. This has already led to a noticeable drop in fuel prices nationwide.

However, despite these positive developments, many traders have yet to lower their prices, sparking public concern. Government officials have since been engaging with trader associations to encourage price adjustments that reflect the improved economic outlook and benefit consumers.