The Food and Beverage Association of Ghana (FABAG) has reported that the costs of major products in their industry are starting to drop, with expectations for additional decreases over the next few weeks.
At a stakeholders meeting alongside the Finance Minister, John Awuni, who serves as the Executive Secretary of FABAG, verified that the costs of crucial items like sugar and rice have begun decreasing.
“We’ve lowered sugar prices by approximately 7% starting today, and rice prices have dropped by around 10%. Although we as importers are actively driving prices downward, regrettably, those elsewhere in the supply chain aren’t following suit,” Mr Awuni explained.
He stressed the importance of joint efforts to make sure these cuts result in substantial benefits for everyone.
“We think this should be a nationwide initiative. We’re advocating for a countrywide campaign aimed at lowering prices. Should others join in, it would positively impact the everyday lives of Ghanaian citizens,” he emphasized.
Dr. Cassiel Ato Forson, the Minister for Finance, praised FABAG for showing great leadership and urged other trade groups such as GUTA to emulate this approach by reducing their pricing accordingly.
“We are observing progress with the cedi and inflation rates are decreasing. Businesses should now adjust their prices accordingly. I urge GUTA and others to back this initiative so that Ghanaians can genuinely experience the economic upturn,” stated the Minister.
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Finance Minister Supports FABAG’s Call for Extensive Price Reductions
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