Seventy-three percent of consumers in a survey conducted by Maverick Research believe prices of foreign goods should drop significantly, especially on products like electronics, auto parts, building materials, and fuel.
This is due to the significant appreciation of the Ghana cedi. However, more than one in five respondents expect prices of domestically produced items to either hold steady or rise, despite the stronger currency.
The survey was conducted between b June 1 and 20, 2025, across Accra, Kumasi, and Tamale.
“There’s a sense that some local pricing is sticky,” said Ato Micah, Managing Principal, Maverick Research.
“Even as import costs fall, consumers don’t trust that those savings will trickle down through domestic supply chains”, he added.
Most Shoppers Expect Price Reduction
The survey also revealed that most shoppers are expecting noticeable price reductions within one to three months, driven by lower import bills. But while the anticipation is strong, it hasn’t yet transformed consumer behavior.
“Optimism is being tempered with caution,” the report noted.
The report identified that households battered by years of inflation are not yet rushing to revert to old habits or premium brands.
Still, the signs of potential recovery are there. The majority of respondents said they would reconsider their brand choices if the price is right, suggesting that price cuts could reverse the mass shift to lower-cost alternatives seen in 2023 and 2024.
73% of Consumers to Switch Brands
Indeed, 73% of respondents admitted to switching brands due to recent price increases, opting for more affordable substitutes. But with the cedi’s appreciation, many consumers are open to returning if brands respond in kind.
As Ghana’s economy navigates this unexpected turn, one thing is clear: price perception is as much about trust as it is about arithmetic. The cedi’s rise may be a macroeconomic win, but for the average Ghanaian shopper, the score is only settled when it’s reflected in their receipt.
