Importers and Exporters should reduce prices – Asaki Awingobit pleads
The Importers and Exporters Association of Ghana has appealed to its members to reduce the prices of items following the gains made by the cedi against major international currencies especially the dollar.
In its daily update as of Saturday, May 17, 2025, the Bank of Ghana noted that the cedi is trading at a buying price of GHI412.31 and a selling price of GHC12.32 to the dollar.
The British pound is being bought at GHI416.32 and sold at GHC16.33, while the euro is trading at a buying price of GH113.71 and a selling price of GHI113.72.
The cedi is trading at GHI413.65, while the pound is selling at GHI418.00 at some forex bureaus across the country. Additionally, the euro is trading at GHC15.50 on the retail market.
This development has been attributed to recent geopolitical events that have weakened the dollar, as well as significant efforts by the Mahama government to stabilise the local currency.
The government has taken measures to strengthen the cedi, such as increasing foreign reserves and boosting gold exports through the newly created Godbod.
In an interview with Daakyehene Ofosu Agyemang, host of New York-based Adinkra Radio, the Executive Secretary of the Importers and Exporters Association of Ghana, Samson Asaki Awingobit, appealed to the members to let the gains made by the cedi reflect in reduction of prices of items.
“It is an appeal to members to reduce their prices and I am happy that the Minister of Trade has openly stated that there is no law in Ghana that can force anyone to reduce or sell their wares at a particular price. If you were selling your goods at the unit price of 20 cedis when the dollar was 15.00 or 16 cedis, today the dollar has reduced to 12.3 cedis, so why won’t you bring it to 14.00 cedis and you can still stay in business. When the dollar goes up again, we’ll urge our members to also adjust their prices,” Asaki Awingobit stated.
Source: Adinkraradio.com
