The Managing Director of Unilever Ghana, George Owusu-Ansah, has announced that the company has reduced prices of some major products on the market.

This, he explained, is in line with the recent reduction in inflation over the past few months.

“We have reduced the prices of our washing soaps. Key soap, and toothpaste such as pepsodent and bathing soap, geisha”, he stated.

Mr. Owusu-Anasah disclosed this on PM Express Business Edition with host George Wiafe on December 7, 2023.

Responding to a question on the failure of manufacturing firms to react to the downward trend of inflation, he explained that competition play a major role in pricing.

“We are in competition and we need volumes to serve people, when it comes to the economics of scale. So, these reductions have been done strategically so that we can still continue to stay in business,” he said.

“We should not underestimate the knowledge and connectedness of the Ghanaian for granted. If we don’t respond by opening ourselves up to fair competition and try to be greedy, then Ghanaians will shift away from us and we will be the losers”, he warned.

He pointed out that there is the need to study the market forces, and how it impacts on consumer behaviour to create a stable market.

“When I travel around the country, I see that a lot of consumers appreciate what is happening in the economy now. If we don’t respond accordingly, they will move to punish us”, he stressed.

He maintained that Unilever Ghana believes in competition, hence does not need a deliberate policy to protect the company from competing in the market.

“We have what it takes to compete effectively, if the environment is conducive and we have a level playing ground we compete”.

Reduction in Inflation and impact on Unilever Ghana

Inflation has been on a downward trend in Ghana since August 2023.

It went down to 40.1% in August 2023 from 43.1% in July 2023. It further dropped to 38.1% in September 2023 and is currently at 35.2% as of October 2023.

Mr. Owusu-Ansah stated that Unilever Ghana is committed to responding to the market developments.

The Bank of Ghana has projected that the country will end the year with an inflation of about 29%. It is however forecasting a rate of 15% by the end of 2024.

Supporting Ghanaian industries

Mr. Owusu-Ansah called for more support for local industries to ensure that they play their rightful roles in the economy.

“We have to do more when it comes to improving the regulatory environment, taxes and what some will say a fair tariff system”.

He is of the view that if all the necessary measures are in place, more industries will be able to produce enough to meet local demand and export to other countries. 

“We believe that it has to be fair when it comes to the rules for firms operating in the industrial space” he said.

He advised that export should be a major focus to help improve the country’s fortunes.