Ghanaians are asking one big question this week: Are prices finally going to drop?

That’s after the Bank of Ghana (BoG) made a bold move, slashing its policy rate by 300 basis points — from 28% to 25%. It’s the biggest cut in years, and it signals something hopeful: that the economy is on the rebound, and the cost of borrowing is about to get cheaper.

But what does this mean for the average Ghanaian? Could we finally see relief at the market? Will goods and services become more affordable?

Businesses Feel the Pressure to Lower Prices

Many in the business sector have already started adjusting prices or are preparing to do so soon.

Tsonam Akpeloo, Greater Accra Regional Chairman of the Association of Ghana Industries (AGI), says some companies have already responded to the positive economic trend.

“This is welcoming news. We’ve begun reducing prices in some areas. If stability continues, we’ll go even further,” he told Citi Business News.

He added that local producers need government support to deal with smuggling, which is hurting their ability to compete fairly.

Falling Inflation Adds Momentum

The policy rate cut comes as inflation shows signs of cooling:

• Producer Price Inflation (PPI) is down to 5.9%
• Consumer inflation has eased to 13.7% as of June 2025

Lower inflation usually means goods cost less to produce, and businesses face less pressure to raise prices.

What’s Next?

This latest rate cut is also a reminder of a promise made in May: after meeting with the Trade Ministry, several business groups committed to reducing prices within 60 days if economic conditions improved. That window is now wide open and all eyes are on whether they will follow through.

In the coming weeks, Ghanaians will be watching the markets, supermarkets, transport fares, and utility charges to see if the numbers finally start to move in their favour.

So… Are Cheaper Goods Here?

Not quite yet but the signs are promising. If inflation continues to fall and businesses stick to their word, Ghanaians could soon begin to enjoy real price relief for the first time in years.