GNCCI predicts price drop in goods from July 1

GNCCI predicts price drop in goods - The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu Aboagye, has revealed that numerous businesses and manufacturing firms are poised to reduce prices on goods starting July 1, 2025.

Speaking on JoyNews' PM EXPRESS on June 19, 2025, he said these companies have been working to adjust their financial books, input costs, and supplier contracts to pass the benefits on to consumers.

Badu Aboagye, cautioned against expecting significant price reductions, explaining that some industries have already initiated price cuts earlier in the year, and the upcoming adjustments will be incremental.

He justified the stance of manufacturing firms that have delayed price reductions, citing locked in contracts that made immediate adjustments challenging.

He emphasised that the reduction in producer price inflation, which dropped to 10% in May 2025 from 18.5% in April 2025, is a positive sign, but noted that high domestic production costs, particularly transportation costs, have hindered more substantial price cuts.

The GNCCI CEO also called on the Public Utilities Regulatory Commission (PURC) to review and reduce utility tariffs in line with the cedi's appreciation and the declining inflation trend.

"I strongly believe that based on the engagement with my members more of them will be adjusting their prices in the coming week” he said.

He argued that this would be a crucial step in enabling businesses to further reduce their input costs and subsequently lower prices for consumers.

DR/MA

Source: www.ghanaweb.com

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