FABAG gives govt one-month ultimatum for Cedi gains to reflect in market prices

The Food and Beverage Association of Ghana (FABAG) has issued a one-month ultimatum to the government to ensure that recent improvements in the economy translate into tangible reductions in food prices across retail and wholesale markets.

General Secretary of FABAG, Samuel Aggrey, speaking to ABC News GH, emphasized that the association is monitoring closely and expects prices to reflect the recent appreciation of the cedi and easing inflation.

“We are hoping prices will start dropping next month or even sooner,” he said, urging traders, distributors, and importers to pass on the benefits of reduced import costs to consumers.

Aggrey called for a collective national campaign to make the reduction in prices more impactful, highlighting the importance of a united front across the entire supply chain.

“We are calling for a holistic approach so we can all join the campaign for produce to be reduced,” he stated. “We want to see it reflected on the marginal prices in the markets.”

He warned that while FABAG acknowledges recent efforts by importers to cut prices of goods such as sugar and rice down by 7% and 10%, respectively those reductions are being stalled at the retail level, limiting the benefit to the average Ghanaian.

He further urged government intervention to stabilize the value of the cedi to help maintain consistent pricing.

“By the end of the month, things should be reflected by the reduced cedi rate,” Aggrey added, stressing that a stable currency is crucial for sustaining lower prices.

The statement comes on the heels of a stakeholder meeting with Finance Minister Dr. Cassiel Ato Forson, who praised the initiative and called on other trade groups like GUTA to align with the broader effort to ensure that economic gains are felt at the grassroots level.