PR & COMMS UPDATES – MOTAI
Hon. Elizabeth Ofosu-Adjare, the Minister for Trade, Agribusiness, and Industry, has urged companies to make ethical pricing decisions, especially during and after times of global and economic crises.
The Minister noted that price increases may occasionally be necessary during difficult circumstances like currency depreciation, interruptions in global supply chains, energy crises, and pandemics when speaking to business sector executives at the 10th CEO Summit 2026.
She emphasised, however, that once the circumstances that required price rises have changed, it is inappropriate for businesses to continue charging exorbitant prices.
She claims that companies who keep charging crisis-era rates in spite of lower operating expenses run the risk of eroding public trust and harming the private sector’s brand.
She noted that people expect these gains to be reflected in the prices of products and services, citing examples like declining fuel prices and decreasing inflation.
Hon. Ofosu-Adjare cautioned that if prices are not lowered as the economy stabilises, public confidence in a competitive and self-regulating private sector may be weakened, social unrest may increase, and public trust may be eroded.
Therefore, she urged business executives to strike a balance between profitability, justice, and social responsibility by appealing to their moral conscience.
“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 said.
The Minister emphasised in closing that public trust in businesses is a major factor in the private sector’s capacity to take the lead in Ghana’s economic development.
She pointed out that this kind of trust can only be maintained when businesses use their pricing power sensibly and in a way that shows customers that they are fair and accountable.
Source: newsthemegh.com