A/R: Traders respond to GUTA’s call to reduce prices as cedi strengthens

Traders in the Ashanti Region have welcomed the directive by the Ghana Union of Traders’ Association (GUTA) to reduce the prices of goods in response to the appreciation of the Ghana cedi against the US dollar.

According to the traders, they are willing to adjust prices to reflect the strengthening of the local currency.

In an interview with Citi News on Monday, May 12, some wholesale shop owners indicated that while prices of certain goods have already been reduced, others remain unchanged, particularly those acquired on credit and yet to be paid for.

Over the past few weeks, the Ghana cedi has appreciated significantly against the US dollar, boosting confidence among traders and consumers. Currently, the exchange rate stands at approximately GH₵13 to US$ 1.

“It is a right call, but most of the goods that we have now were bought at a high price, and there is nothing that we can do about it. But as the customers call for it, most of the prices have come down. As of last week, I bought oil for 720, but as of today, it has come down to 600.”

“The distributors themselves have not reduced the prices, so we are yet to receive the new stocks. So if we receive the new stocks and the prices have been reduced, we will also make some adjustments to the price. But some of the prices in our shops have been reduced,” they stated.