The Ghana Union of Traders Association (GUTA) is pressing its members to reduce prices on goods in a bid to ease the financial burden on consumers and ensure the benefits of the cedi’s recent stability are felt across the market.
The call comes as a 60-day grace period granted to businesses to realign prices with the cedi’s appreciation officially ends. For many households, expectations are high that traders will finally reflect the stronger currency in their pricing.
Speaking in Accra, GUTA’s Public Relations Officer, Joseph Paddy, stressed that traders have enjoyed an unusually long stretch of exchange rate stability, which should translate into lower prices for shoppers.
“Stability has been sustained for more than eight months, which is unprecedented compared to the normal three-to-four-month business cycle. It is important that this benefit trickles down to consumers who have borne the brunt of price hikes in previous years,” he explained.
Mr. Paddy further warned that refusing to adjust prices could hurt traders in the long run, as consumers are likely to shift to competitors offering lower prices on new stock.
On May 14, GUTA and the Association of Ghana Industries (AGI) agreed, after talks with the Minister of Trade and Industry, Elizabeth Ofosu-Adjare, to allow a two-month window for businesses to clear out old stock before reducing prices. The initiative was designed to balance consumer expectations with traders’ operational realities.
Currently, the cedi trades at GH₵10.40 to the dollar, a rate far stronger than what prevailed when many goods were imported last year. Yet, despite this gain, the cost of essentials on the market has remained stubbornly high.
GUTA President, Dr. Joseph Obeng, reiterated the Association’s commitment to supporting government efforts to maintain currency stability, insisting that once new stock dominates the market, the relief will be visible in prices.
“Traders will do their part, but it is also important for government to hold the line on exchange rate management. A stable cedi means predictable business and fairer prices for the ordinary Ghanaian,” he said.
