Consumer Goods Get Cheaper, FABAG Announces Price Drops

The Food and Beverage Association of Ghana (FABAG) has announced a significant development in the country’s consumer goods sector, revealing that prices of essential items are beginning to decline.

According to John Awuni, Executive Secretary of FABAG, staple goods such as sugar and rice have already experienced notable price reductions, with sugar prices dropping by approximately 7% and rice prices correcting by around 10%.

“We are aggressively pushing prices down as importers, but unfortunately, others in the value chain are not responding,” Awuni stated during a stakeholder engagement with the Minister for Finance, Dr. Cassiel Ato Forson.

Emphasizing the need for collective action, Awuni called for a coordinated national campaign to drive 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, Dr. Forson commended FABAG for taking proactive steps and encouraged other trade bodies, including the Ghana Union of Traders’ Associations (GUTA), to follow suit.

“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, highlighting the importance of aligning prices with recent macroeconomic gains.

This development marks a positive trend in Ghana’s economic landscape, with the potential to benefit consumers nationwide.