Publish Benchmark Prices Amid Cedi Gains- CUTS Director to GSS

The Director of CUTS International, Appiah Kusi Adomako, has called on the Ghana Statistical Service (GSS) to play a more proactive role in enhancing market transparency by tracking and publishing benchmark prices for essential goods.

His appeal follows a recent call by the Ghana Union of Traders’ Associations (GUTA) for traders to reduce the prices of goods and services in response to the Ghanaian cedi’s recent appreciation against the US dollar and other major currencies.

Describing the currency rebound as a welcome relief, GUTA encouraged traders to reflect the improved macroeconomic environment in their pricing. However, Mr Adomako believes this will only be effective if supported by greater transparency in price formation.

Speaking on the Citi Breakfast Show on Monday, May 12, 2025, he urged the GSS to monitor import prices at the ports, account for taxes and profit margins, and then publish publicly accessible benchmark prices for commonly consumed goods.

“It may or may not work, but one way the Ghana Statistical Service can help is by monitoring pricing from the port, adding all relevant taxes and margins, and then publishing recommended prices of goods and services that people normally consume,” he stated.

He emphasised that such benchmark data should focus on items within the national consumption basket used for inflation calculations, making it both practical and relevant to the everyday consumer.

Mr Adomako warned of the current “information asymmetry” between sellers and buyers, which often results in inflated prices that are difficult for consumers to challenge.

“Right now, businessmen know far more about price structures and markups than the average consumer. But if GSS begins publishing reference prices, consumers will be better equipped to make informed choices and push for fairer prices,” he explained.

He gave a relatable example:

“If a bottle of water costs GH¢10 on the market, but GSS data shows the cost build-up should not exceed GH¢6, consumers will demand accountability. Sellers, in turn, will have an incentive to align their prices closer to the benchmark.”

Mr Adomako concluded by calling for real-time monitoring and publication of prices during this period of cedi strength, arguing that such transparency would protect consumers and support responsible market behaviour.

“In this period, we need to see the work of the Ghana Statistical Service more visibly—in terms of real-time price monitoring and publication,” he said.