Despite signs of economic recovery and price reductions in some markets across the country, traders in Kumasi continue to maintain unusually high prices for goods and services.
This development has been described as troubling by Charles Kusi Appiah-Kubi, the Executive Secretary of the Ashanti Business Owners Association and Head of the Business and Economic Bureau of Ghana Union of Traders Association (GUTA).
Speaking in an interview on Luv FM, Mr Appiah-Kubi observed that the recent fuel price drops and the relative stability of the cedi have created the kind of economic relief that should be reflected in the prices of essential commodities.
Traders in Accra, Techiman, Takoradi and several other commercial centres have responded by adjusting prices downward.
However, Kumasi, the business hub of the Ashanti Region, has largely refused to follow suit.
When asked directly if Kumasi traders should be reducing prices by now, he replied: “Why not? If it’s possible.”
Mr Appiah-Kubi explained that Ghana operates a liberalised market economy, meaning no authority or institution can force traders to reduce prices.
“No authority, no institution can ever control prices within the market. We can only appeal,” he stressed.
Despite this, he acknowledged growing concern that price reductions seen elsewhere are not being passed on to consumers in Kumasi, even though import costs and wholesale prices have dropped.
According to him, the issue may be tied to trader behaviour and pricing practices within the metropolis, which he described as counterproductive and unfair.
Consumers continue to bear the burden of these pricing practices, paying more for goods that are cheaper in other regions.
“It is not the first time we’ve heard that prices in other regions are cheaper than in Kumasi,” he noted, urging further investigation into the structural causes of this disparity.
He added that some traders in Kumasi have quietly begun reducing their prices, proof that adjustments are possible, but these actions remain too limited to make a meaningful difference.
Mr Appiah-Kubi also warned that the sustained failure by traders to respond to the improved economic environment could spark public anger.
He pointed to recent incidents in Kumasi where passengers confronted and assaulted transport operators who refused to reduce fares despite falling fuel prices.
“I am not saying it is justified,” he cautioned, “but if care is not taken, similar frustrations could be directed at traders.”
He appealed strongly to traders to act responsibly and reflect economic gains in their pricing, emphasising that consumers are the backbone of any business.
“Let’s respond to the current economic relief. Consumers keep our businesses running. If they cannot patronise our goods, why are we in business?”
He urged business owners to reassess their profit margins and support consumer welfare to stimulate demand and business growth.
Given the absence of price control laws, Mr Appiah-Kubi encouraged consumers to take action by comparing prices and patronising traders who offer fair rates.
“Reward those who reduce prices and do not patronise those who refuse. With time, they will conform,” he advised.
He revealed that engagements are already being initiated with leaders of major Kumasi markets, including Adum, Kejetia, Pampaso, Bantama, and Atonsu, to encourage traders to adjust their prices and support broader economic stability.
Mr Appiah-Kubi expressed optimism that with dialogue, fair pricing practices, and responsible market behaviour, Kumasi would eventually align with the positive trends being experienced in other parts of the country.
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