Dr Joseph Obeng the Ghana Union of Traders’ Associations (GUTA) has called on the trading community to review and adjust the prices of goods and services.
According to GUTA, prices of goods and services must be reviewed in response to the recent appreciation of the Ghanaian cedi against the US dollar and other major trading currencies.
GUTA asserted that the strengthening of the cedi is a timely and welcome development.
Dr Joseph Obeng in his statement signed stated, “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”.
He also emphasised that positioning prices with the current exchange rate would not only promote fairness but also foster goodwill and trust between traders and their customers.
GUTA in an earlier statement praised the Bank of Ghana for restoring confidence in the Ghanaian cedi.
In a statement signed by GUTA President Dr Joseph Obeng and Head of its Business and Economic Bureau, Charles Kusi Appiah Kubi, the Association stated, “This has brought hope to the business community in recouping some of the lost capital during the last couple of years,”
“Importantly, it has also brought a positive speculation and predictability around the foreign exchange space, thereby eroding the notion that the foreign currency is a store of value in the Ghanaian community.”
GUTA further urged the authorities to “sustain these prudent measures”.
The added cedi gain if maintained, could help the country “achieve full economic recovery, make businesses competitive, increase productivity, and alleviate the high cost of living.”
According to Bloomberg reports the Ghana cedi has appreciated since the beginning of April, appreciating by a remarkable 16%.
As of May 9, 2025, the cedi is trading at GH¢13.1 to the dollar.
