By Alex Ababio
The Association of Ghana Industries (AGI) has clarified that it is not waiting for a 60-day window before reducing prices of made-in-Ghana products. Rather, the Association emphasized that price reductions are already underway, as manufacturers respond to recent improvements in the macroeconomic environment.
Speaking to the Media , AGI Chief Executive Officer, Seth Twum-Akwaboah, explained that the 60-day timeframe discussed in a recent meeting with the Minister of Trade was not a delay tactic, but a period to allow full reflection of reduced production costs in market prices.
“We’re not waiting for 60 days to reduce prices. What we’re saying is that by that time, the lower prices of our products will be fully reflected in the market,” he stated.
His comments come in the wake of a joint call by AGI and the Ghana Union of Traders’ Association (GUTA) for a 60-day period to adjust prices downward in response to the cedi’s appreciation and other macroeconomic gains.
Twum-Akwaboah further noted that the manufacturing process typically runs in 90-day cycles, and many producers have already adjusted their pricing.
“Our members have already started reducing prices, and manufacturing is often done within a 90-day cycle, and we’ve already completed a month. So, in the next 60 days, the new production will be based on the new exchange rate and reduced prices,” he said.
He urged government to maintain macroeconomic stability, particularly in the areas of inflation, monetary policy, and exchange rates, to allow local producers to sustain affordable pricing. He also called for reforms to the Value Added Tax (VAT) system to ease pressure on traders.
“All that we need is for the government to continue its good work by ensuring sustained stability,” he said.
Finance Minister Dr. Cassiel Ato Forson recently assured the public that structural reforms—including adjustments to port charges, levies, and anti-smuggling measures—are being implemented to support price reductions.
“We understand how these factors impact prices,” the Minister said, appealing to traders to pass on the benefits of a stabilizing economy to consumers.
Last Wednesday, the Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, met with leadership from AGI and GUTA to urge reductions in prices of goods and services. She reiterated the government’s commitment to fostering a conducive business environment.
“We are all working together as a country so that the cost of living will be reduced,” she said, adding that it was reasonable for businesses to share some of the gains from economic stability with consumers.
The engagement signals growing coordination between government and industry players to deliver relief to Ghanaians through fair pricing and sustainable economic policies.