Saying prices have not reduced at all is untrue – Trade Minister

The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has rejected claims that prices of goods have not gone down, describing such assertions as inaccurate and contrary to actual realities in the market.

According to her, the situation on the ground, particularly in markets across the country, shows that there has been a general reduction in the prices of goods. 

Speaking at the Ghana Government Accountability Series on January 21, the minister said claims that prices have not reduced at all were unfounded.

She stressed that her comments were based on personal observation and direct engagement with traders.

“This is not hear-say. I am saying it myself because I’ve been there myself. I have entered the shops myself and I have asked for the prices myself.”

Citing specific examples from the Abossey-Okai spare parts area, the minister said prices of automotive products had seen notable reductions.

“Price of engine oil, it used to be 600 cedis in 2024. Now it’s sold at 350 cedis. The cost of a brand of battery was sold at 1700 in 2024, now it’s 1200.”

Moving away from Abossey-Okai, she also highlighted price reductions in food items sold in the open market.

“Kokonte that was sold at 1200 a bag is now selling at 900 cedis. Yam that was sold at 35 cedis is now sold at 30 cedis. Those that were receiving foodstuff from me you’ll realize that in 2024 thereabout I stopped because it was so expensive, but now I’ve started, the prices are better.”

“Prices have actually reduced to reflect the gains of the economy. And so I think that if we say prices have not reduced at all, it will be a figment of somebody’s own imagination.”

According to the minister, other essential commodities have also become cheaper, including Palm fruit sold at 40 now going for 25, key soap formerly 30 now 23, and a sack of charcoal which was 140 is now 100 cedis.

“Most of these prices have gone down. Even if not 100%, a lot, and it’s good or impactful enough. When prices of 1 or 2 items reduce, then you don’t say something meaningful has happened, but when the bulk of things have reduced.”

The minister added that the examples she cited were verifiable, insisting that anyone who checked prices in the markets would confirm the reductions.

“These facts are verifiable and anyone who asks in the markets would be told.”