The Ghana Union of Traders Association (GUTA) has called on its members to reduce prices on old stock to clear goods and make way for new imports, following the expiration of a 60-day grace period for price adjustments.
The initiative, jointly announced by GUTA and the Association of Ghana Industries (AGI) on May 14, 2025, was designed to reflect the cedi’s sustained appreciation against the dollar and to ease pressure on consumers.
GUTA’s Public Relations Officer, Joseph Paddy, explained that the cedi’s stability—now stretching over eight months—has created favourable conditions for traders to adjust prices without losses.
“This stability has lasted for over eight months now, which is well beyond the usual three-to-four-month business cycle. Typically, when you travel, it takes about a month; shipping your goods takes another month; and clearing can take up to a month as well—so, in all, a three-to-four-month cycle,” he said.
He cautioned that traders holding onto old or near-expiry stock at inflated prices risked being pushed out of business. “If you are still holding old stock while new stock has already entered the market, you risk losing out. If you don’t position yourself as a businessperson and continue holding onto old prices, you could run out of business because competitors with new products will reduce their prices,” he warned.
Currently, the cedi trades at about GH₵10.40 to the dollar. However, despite the stronger local currency, many goods on the market remain unchanged in price. GUTA explained that older stock, imported when the exchange rate was higher, delayed downward adjustments.
GUTA President, Dr Joseph Obeng, has also urged the government to maintain the currency’s stability, stressing that traders are ready to pass on the benefits of the cedi’s strength to consumers as new imports arrive.
Click the link Puretvonline.com | WhatsApp Channel to join the WhatsApp channel
GOT A STORY?
Contact/WhatsApp: +233243201960 or manuelnkansah33@gmail.com