Cedi Appreciation: Ghanaian Man Storms Market To Demand Lower Prices From Traders

• A Ghanaian man has stormed a local market to demand that traders reduce prices following the cedi’s strong performance
• He argued that prices ought to fall now that the currency has gained significantly against the US dollar
• His bold move sparked online praise, with many netizens supporting his call for price consistency

A young Ghanaian man caused a scene at a bustling local market when he confronted traders to demand an immediate reduction in the prices of goods amid the appreciation of the cedi.

In a video circulating on TikTok, the young man, identified as Elvischurch, was seen moving through the market, urging the market women to slash their prices.

He argued that the rapid appreciation of the cedi against the US dollar should make basic goods affordable for ordinary citizens.

"The cedi is appreciating significantly, so please reduce your prices. When the currency was depreciating, you increased your prices, and so now that the dollar is falling, you have to reduce your prices," he said.

"If you don't reduce your prices, you will have no peace in this market. I will continue coming here to remind you of the need to slash prices. As we speak now, the cedi has appreciated," he added.

The cedi’s steady rise against the dollar

The Ghanaian cedi has been on an upward trend, appreciating steadily against major international trading currencies since the beginning of 2025.

The cedi has been ranked as the world’s best-performing currency this year, gaining significant value against the US dollar and lowering import costs.

Inflation has also been falling consistently over four consecutive months.

Despite the Ghanaian cedi's recent appreciation against the US dollar, some traders have refused to reduce their prices.

Traders to reduce goods in the next 2 months

Ghanaians are expected to see a reduction in the prices of goods and services in the next two months following the strong performance of the cedi against the dollar.

This comes after the Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) met with the government.

The President of GUTA, Dr. Joseph Obeng, appealed to the government to put in frantic efforts that would ensure the cedi maintains its current stability.

The AGI President, Dr. Humphrey Ayim-Darke, on his part, also added that manufacturers were prepared to reflect the gains in their pricing.

Traders refuse price cuts

Despite the cedi's performance against the dollar, some traders in major business enclaves in Accra have resisted calls for a reduction in the prices of goods and services.

A video sighted on Channel One TV on YouTube showed traders sharing reasons as to why the call for price cuts in goods and services was premature.

They argued that their current stock was purchased at much higher exchange rates.

Watch the video below:

Trade Minister’s response to price reduction calls

Reacting to calls for the cedi's positive performance against the US dollar to reflect in the prices of goods, Elizabeth Ofosu-Adjare, the Minister for Trade, Industry and Agribusiness, stated that the government cannot enforce price reductions on traders because the country runs a free-market economy.

She reportedly said there was no law to compel traders to sell goods at specific prices. However, the government can only appeal to them to adjust their pricing.

Meanwhile, the Ghana Union of Traders Association (GUTA) has urged its members across the various markets in the country to reduce prices of their goods.

Watch another video below:

Ghanaians support man demanding price reductions

Some netizens have thrown their weight behind Elvischurch's crusade to get prices of goods reduced in the various markets.

Below are a few of the comments:

@Hold On said:

"Tell them, they are so heartless and wicked, why?"

@ishkav1907 also said:

"All these campaigns should be done in all markets in Ghana, our mothers in the market are wicked."

@DELALI commented:

"Good job, bro...You are making people aware of what's happening. A lot of people don't have access to the Internet to stay current."

Twene Jonas hails Forson over Cedi strength

Earlier, YEN.com.gh reported that US-based social commentator, Twene Jonas, praised Ghana's Finance Minister, Cassiel Ato Forson, over the Cedi's performance against the dollar and major global currencies.

According to Twene Jonas, the Cedi's appreciation against the dollar was due to Ato Forson's stellar economic management.

In a video shared on TikTok, the outspoken US-based Ghanaian described Ato Forson as the best Finance Minister in the world.

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

Source: YEN.com.gh