Ghana’s Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, on Thursday called out businesses that raise prices during economic hardship but refuse to reverse those increases when conditions improve, warning that such conduct erodes public trust in the private sector.
Speaking at the 10th Ghana Chief Executive Officer Summit at the Kempinski Hotel Gold Coast City in Accra on May 28, the Minister said while price increases during genuine economic pressures were understandable, the failure to bring them down when inflation eased and production costs fell was not.
“If you raise prices because of genuine economic pressures, then there is also a moral obligation and reputational responsibility to bring them down when conditions improve,” she stated.
Ofosu-Adjare told summit attendees that the credibility of the private sector depended on whether the public believed businesses were exercising pricing powers responsibly. She stressed that sustainable transformation required not just policy but practical action, innovation and strategic leadership from the business community.
Speaking on the theme of accelerating Ghana’s economic transformation through bold reforms, leadership, technology and industrialisation, she called on businesses to move from import dependence to productive manufacturing, describing agro-processing, local content development and industrial value addition as targets for today rather than tomorrow.
The Minister reiterated government’s commitment to working with the private sector to promote industrialisation and export development, and urged businesses to position themselves to exploit opportunities under the African Continental Free Trade Area (AfCFTA). She said Ghana’s position as host of the AfCFTA Secretariat gave the country a structural advantage that enterprises must act to capture.
Ofosu-Adjare also highlighted President John Dramani Mahama’s administration’s proposed 24-hour economy agenda as an example of the structured, long-term approach needed to sustain growth and business continuity, and urged chief executives to embrace technology to improve productivity and competitiveness.
She concluded by calling on businesses to continue partnering government in building a stronger and more competitive Ghanaian economy.
