adverts
Consumer advocacy group CUTS International is calling on the Ghana Statistical Service (GSS) to begin tracking and publicly disclosing standard import prices and corresponding profit margins for selected goods at Ghana’s ports in a move aimed at improving price transparency and protecting consumers from excessive markups.
The group’s appeal comes in the wake of a sharp appreciation of the Ghanaian cedi against the US dollar, a development that has not yet translated into significant price relief for many consumers despite notable currency gains.
From January to late May 2025, the cedi appreciated by approximately 32%, strengthening from around GHS 15.00 to GHS 10.20 per dollar. Analysts attribute the rebound to a combination of improved exports and strong remittance inflows, which have bolstered Ghana’s foreign reserves.
adverts
Despite this economic turnaround, CUTS International believes that many importers and retailers are not reflecting the currency gains in their pricing — and argues that greater transparency is needed.
“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,” said Appiah Kusi Adomako, West Africa Regional Director for CUTS. “Making this information public would reduce the information gap between sellers and buyers and help bring prices closer to reasonable levels.”
Some importers have confirmed that the currency appreciation is already having a positive effect. Kwening Asante Boateng, a veteran second-hand clothing importer with nearly 30 years of experience, noted that bale prices have dropped significantly.
“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.
Still, Boateng stressed that the cedi’s strength must be sustained for these benefits to last.
Daniel Ampadu, Vice Chairman of the Kantamanto Used Clothing Association, echoed the sentiment.
“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, Ghana’s automotive parts hub, similar optimism is brewing. Takyi Addo, Head of Communications for the Abossey Okai Spare Parts Dealers Association, predicted that up to 80% of spare part prices could see substantial reductions if the cedi holds its ground.
“If the cedi remains stable, I can confidently say that by the end of July, around 80% of spare parts prices will drop,” he said.
The advocacy push has gained attention in Parliament as well. Alexander Roosevelt, Chairperson of the Trade, Industry, and Tourism Committee, urged the Bank of Ghana to monitor forex flows and international trade patterns to help maintain the cedi’s stability.
“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.
With Ghana’s macroeconomic indicators showing signs of improvement, CUTS International argues that now is the time to institutionalise reforms that protect consumers and ensure that market changes translate into real value for households.
“Publishing import prices and profit margins isn’t just about accountability,” Adomako stressed. “It’s about fairness and empowering consumers to make informed decisions.”
As Ghana continues to navigate its path to economic recovery, pressure is mounting on authorities and retailers alike to ensure that exchange rate gains are not just theoretical but felt in the pockets of everyday Ghanaians.
Click the link Puretvonline.com | WhatsApp Channel to join the whatsapp channel
GOT A STORY?
Contact/WhatsApp: +233243201960 or Email: manuelnkansah33@gmail.com
