Prices of consumer goods beginning to decline - FABAG

The Food and Beverage Association of Ghana (FABAG) has disclosed that the prices of key consumer goods are beginning to decline, with further reductions expected in the coming weeks.

Speaking at a stakeholder engagement with the Minister for Finance, the Executive Secretary of FABAG, Mr John Awuni, revealed that prices of staple items such as sugar and rice had already recorded downward adjustments.

“We have reduced sugar prices by about 7% as of today, and rice prices have corrected by about 10%. As importers, we are aggressively pushing prices down, but unfortunately, others in the value chain are not responding,” he stated.

Mr Awuni emphasised the importance of collective action to ensure that these price cuts translate into real benefits for the general population. He called for a coordinated national campaign aimed at driving price reductions across all sectors.

“We believe this must be a national effort. We are calling for a national campaign for price reductions. If others also respond, it will reflect in the lives of ordinary Ghanaians,” he urged.

In response to the initiative, the Minister for Finance, Dr Cassiel Ato Forson, commended FABAG for taking proactive steps and encouraged other trade bodies to follow suit. 

He specifically appealed to the Ghana Union of Traders’ Associations (GUTA) and similar groups to reduce their prices in line with recent macroeconomic improvements.

“We are seeing improvements in the cedi and inflation is slowing. It’s time for businesses to reflect this in their pricing. I appeal to GUTA and others to support this effort so Ghanaians can truly feel the recovery,” Dr Forson said.

Read the statement on the Ministry's Facebook page below;