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The Ghana Union of Traders’ Associations (GUTA) is encouraging traders across the country to adjust the prices of their goods and services in response to the recent strengthening of the Ghanaian cedi against the US dollar and other major foreign currencies.
In a statement signed by its president, Dr. Joseph Obeng, GUTA described the cedi’s appreciation as a positive economic development that should be reflected in market prices to ease the burden on consumers.
“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.
Recent weeks have seen the cedi recover against key foreign currencies, reversing earlier declines. Financial analysts attribute this recovery to increased foreign exchange inflows, reduced demand pressures, and stronger investor confidence supported by prudent fiscal policies and economic reforms.
GUTA sees this trend as an opportunity for the trading sector to contribute to the economic recovery by making goods more affordable. Dr. Obeng emphasized that aligning prices with the current exchange rate situation would help build trust and show fairness to customers.
“Adjusting prices to reflect the improved value of the cedi will not only promote fairness in trading but also strengthen the relationship between traders and the public,” he noted.
The association is urging traders in all sectors to act responsibly by revising their pricing models to match the favorable exchange rate conditions. According to GUTA, such actions will demonstrate a commitment to national recovery efforts and help alleviate the high cost of living faced by many Ghanaians.
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