Transport Fares To Drop by 15% From May 24: “We Have Finally Agreed”

• Transport fares are expected to drop by 15% from Saturday, May 24, following negotiations between transport operators and the government
• The downward fare adjustment follows the sustained appreciation of the cedi against the US dollar
• The Industrial Relations Officer of the Ghana Private Road Transport Union, Abass Imoro, called the price reduction timely

Transport fares are set to drop by 15% from Saturday, May 24, 2025.

The planned reduction follows negotiations between transport operators and the Ministry of Transport.

The fare adjustment follows the sustained appreciation of the cedi against the US dollar, contributing to drop in fuel prices.

The development also follows the Abossey Okai Spare Parts Dealers Association, urging its members to reduce prices of their goods.

So far, it remains unclear if there will be an imminent reduction in the prices of spare parts.

The Industrial Relations Officer of the Ghana Private Road Transport Union, Abass Imoro, told Citi News the drop in prices would be timely.

“Although currently, spare parts sellers have promised to reduce some of their prices for now, which hasn’t taken effect, and none of the lubricants which went up have been reduced currently, but we decided to peg the reduction at 15%.”

This development marks a significant turnaround, given that about a year ago, drivers were fighting to increase fares by 15%.

At the time, the drivers attributed the push to rising fuel costs and other essentials, such as spare parts for the transport business.

Calls to reduce prices of goods and services

Ahead of the reduction in transport fares, similar expectations have surrounded the prices of general goods and services.

Trader groups have said Ghanaians can expect the prices of goods to start reducing by the next two months because of the cedi's strength.

The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) met with the Minister for Trade and Industry, Elizabeth Ofosu-Adjare, on May 14 over the calls for the reductions.

Stakeholders have explained that there is a natural lag between changes in the exchange rate and price adjustments on the market due to older stock acquired at previous, higher rates.

How has the Ghana cedi been performing?

Bloomberg described the cedi as the best-performing currency in recent times after it appreciated nearly 16% against the US dollar.

The widely respected business news publication had previously reported that the cedi may end the year at GH¢15.97 per dollar.

The strength of the cedi has helped ease inflationary pressures, contributing to Ghana’s lowest inflation rate, dropping 21.2% in April, down from 22.4% in March.

This inflation figure is the lowest in eight months.

Ato Forson hails the cedi's performance

YEN.com.gh reported that Finance Minister Dr Cassiel Ato Forson touted the performance of the Ghana Cedi in 2025.

On May 19, the minister noted that the cedi had appreciated by 16.7% against the US dollar year-to-date, reversing a 13.4% depreciation.

Forson said Ghana’s foreign exchange inflows from gold, cocoa, and remittances have helped the cedi strengthen.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh