The Ghana Union of Traders’ Associations (GUTA) has called on traders to lower the prices of goods and services in response to the recent appreciation of the Ghanaian cedi against major foreign currencies.
In a statement issued on May 11, 2025, GUTA emphasized that the strengthening of the cedi should translate into tangible benefits for consumers.
Dr. Joseph Obeng, President of GUTA, highlighted the significant gains of the cedi and urged the trading community to reflect these improvements in their pricing structures.
He stated, “We wish to appeal to the trading community to adjust prices of goods and services,” emphasizing the need to bring relief to the consuming public.
The cedi has shown notable strength, appreciating from GH¢15.50 to GH¢13.30 against the U.S. dollar between mid-April and early May 2025.
This positive trend has been attributed to factors such as increased gold reserves, reduced government spending, and improved investor confidence.
Despite these gains, there is growing concern that the benefits are not being passed on to consumers.
Economist Professor William Baah Boateng criticized the inconsistency, noting that traders often raise prices when the cedi depreciates but fail to reduce them when it appreciates.
He emphasized the need for fairness and market discipline, stating that price adjustments should reflect currency fluctuations in both directions.
GUTA’s appeal underscores the importance of aligning pricing strategies with current economic conditions to ensure that consumers benefit from the cedi’s appreciation.
The association urges traders to act promptly in adjusting prices to support economic stability and consumer welfare.
By: J.W Quarm
