Consumer advocacy group CUTS International has called on the Ghana Statistical Service (GSS) to begin tracking and publishing standard import prices and corresponding profit margins for selected goods at the ports.
The group believes that such a move would promote price transparency and help consumers avoid inflated prices.
This appeal follows the recent appreciation of the Ghanaian cedi against the US dollar—an upward trend that, according to CUTS, is yet to result in meaningful price reductions on the market.
From January to late May 2025, the cedi strengthened from around GHS 15.00 to GHS 10.20 per US dollar, marking a 32% gain. Analysts attribute the rebound to improved export performance and increased remittance inflows, which have boosted the country’s foreign reserves.
However, the question remains whether this currency appreciation translated into noticeable price relief for consumers.
Kwening Asante Boateng, a veteran importer of second-hand clothing with nearly 30 years of experience, confirmed that prices have seen a decline. He explained that the cedi’s strength has reduced the amount of cash needed to convert into foreign currency for imports.
“Prices of bales of clothes have gone down—some from GHS 1,000 to GHS 700, others from GHS 2,000 to GHS 1,500. This particular bale of children’s clothes, which used to cost GHS 3,000, now sells for GHS 2,500,” he said.
Notwithstanding, he emphasized the need for sustained currency stability for lasting impact.
Retailers across the country share this view, expressing hope that the cedi will continue to appreciate, enabling broader price reductions. Daniel Ampadu, Vice Chairman of the Kantamanto Used Clothing Association, noted that a consistently strong cedi would allow retailers to lower prices further, benefiting both traders and consumers.
“Now that we’ve marginally reduced prices, if the cedi starts to depreciate again, the effects could be severe. We also still have old stock to deal with. That’s why we’re urging the government to ensure the cedi’s appreciation is sustained over time,” he said.
At Abossey Okai, spare parts dealers are also optimistic about the Cedi’s rebound. According to Takyi Addo, Head of Communications for the Abossey Okai Spare Parts Dealers Association, up to 80% of spare parts could see substantial price reductions if the cedi maintains its current trajectory.
“If the cedi remains stable, I can confidently say that by the end of July, around 80% of spare parts prices will drop,” he noted.
Meanwhile, Alexander Roosevelt, Chairperson of Parliament’s Trade, Industry, and Tourism Committee, is encouraging the Bank of Ghana to monitor forex flows and global trade patterns to help sustain the cedi’s momentum.
“The Bank of Ghana must closely watch the movement of the dollar and monitor both local and international business trends to ensure the cedi remains strong,” he said.
Appiah Kusi Adomako, West Africa Regional Director for CUTS International, insists that publishing import prices and profit margins is crucial for protecting consumers. He argues that transparency would expose excessive markups and promote fairer pricing.
“If the Statistical Service states that the import price of an iPhone 14 Pro Max, after adding duty and a fair profit margin, should average GHS 8,000, but consumers are being charged GHS 14,000, people will begin to ask questions. Making this information public would reduce the information gap between sellers and buyers and help bring prices closer to reasonable levels,” he said.
Minority demands ministerial briefing on Covid-19 surge at University of Ghana
