The Ghana Union of Traders’ Associations (GUTA) has urged its members within the trading sector to reassess and modify the pricing of goods and services in light of the recent strengthening of the Ghanaian cedi against the US dollar and other significant currencies.
In a statement issued by GUTA President, Dr. Joseph Obeng, the association emphasized that the cedi’s appreciation is a timely and positive development, encouraging traders to reflect this economic improvement through equitable and just pricing.
‘The Ghana Union of Traders’ Associations (GUTA) appeals to the trading community to revise the prices of goods and services to distribute the substantial benefits resulting from the cedi’s appreciation against major currencies, thereby providing some relief to consumers,’ the statement indicated.
In recent weeks, the cedi has demonstrated remarkable resilience, reversing its previous depreciation trend.
Experts attribute the cedi’s appreciation against the US dollar to increased foreign exchange inflows, diminished demand pressures, and heightened investor confidence, which have been fostered by recent policy initiatives and fiscal responsibility.
GUTA asserts that the current upward trend offers a significant opportunity for traders to extend benefits to consumers, many of whom are still facing challenges due to the high cost of living.
In his statement, Dr. Obeng emphasized that adjusting prices in accordance with the prevailing exchange rate dynamics would not only ensure fairness in the market but also enhance goodwill and trust between traders and their clientele.
Consequently, GUTA has urged all segments of the trading community to engage in good faith by revising their pricing strategies to align with the more favorable exchange rate conditions, thereby contributing to the broader efforts of national economic recovery.
