Cedi appreciation: Reduce prices to benefit consumers – GUTA to traders

The Ghana Union of Traders’ Associations (GUTA) has called on members of the trading community to review and adjust the prices of goods and services in response to the recent appreciation of the Ghanaian cedi against the US dollar and other major trading currencies.

In a statement signed by GUTA President, Dr. Joseph Obeng, the association highlighted the strengthening of the cedi as a timely and welcome development, urging traders to reflect this improvement in the economy through fair and reasonable pricing.

“The Ghana Union of Traders’ Associations (GUTA) wishes to appeal to the trading community to adjust prices of goods and services to share the significant gains made by the appreciation of the cedi against the major trading currencies and bring some relief to the consuming public,” the statement read.

Over the past few weeks, the cedi has shown notable resilience, reversing its earlier depreciation trend. The appreciation of the cedi against the US dollar, according to experts, has been buoyed by improved foreign exchange inflows, reduced demand pressures, and enhanced investor confidence driven by recent policy measures and fiscal discipline.

GUTA believes this upward trend presents a valuable opportunity for traders to pass on the benefits to consumers, many of whom continue to struggle with the high cost of living.

In the statement, Dr. Obeng noted that aligning prices with current exchange rate dynamics would not only promote fairness in the marketplace but also foster goodwill and trust between traders and their customers.

GUTA has therefore appealed to all sectors of the trading community to act in good faith by recalibrating their pricing structures, reflecting the more favourable exchange rate environment, and supporting broader national economic recovery efforts.