The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu‑Adjare, has urged businesses to act ethically by reducing prices once the economic or global crises that forced increases have eased.

Speaking at the 10th CEO Summit 2026, the minister acknowledged that price rises can be unavoidable during shocks such as currency depreciation, supply‑chain disruptions, energy crises and pandemics.

However, she warned that it is unacceptable for firms to maintain inflated, crisis‑era prices after operating costs and market conditions have improved.

“If you raised prices because of a genuine emergency, the ethical obligation and reputational imperative is to bring them back down when that emergency passes,” she stated.

According to Hon. Ofosu‑Adjare, businesses that keep charging elevated prices despite cost reductions risk undermining public confidence and damaging the private sector’s reputation.

She pointed to falling fuel prices and easing inflation as examples of improvements consumers expect to see reflected in the price of goods and services.

Hon. Ofosu‑Adjare warned that failing to reduce prices when conditions stabilise could erode public trust, fuel social dissatisfaction and weaken confidence in a competitive, self‑regulating private sector.

She appealed to the moral conscience of business leaders to balance profitability with fairness and social responsibility.

The minister concluded that the private sector’s capacity to lead Ghana’s economic development depends on public trust, which can be sustained only if companies exercise pricing power responsibly and transparently.

She urged businesses to reflect fairness and accountability to consumers in their pricing decisions.