GUTA Urges Traders to Instantly Reduce Prices Amid Strengthening Cedi

The Ghana Union of Traders’ Associations (GUTA) has issued a strong and urgent call to traders across the country to immediately reduce the prices of goods and services in line with the recent appreciation of the Ghanaian cedi. According to the union, the strengthening of the local currency should translate into tangible relief for consumers who have endured persistent price hikes during periods of depreciation.

In a brief but pointed statement signed by GUTA President Dr. Joseph Obeng, the association urged its members and the broader trading community to be responsive to the current macroeconomic improvement by reflecting it in their pricing. The union emphasized that the cedi has made “significant gains” against major international currencies, particularly the US dollar, and traders must now act in a way that supports economic fairness and stability.

“We wish to appeal to the trading community to adjust prices of goods and services to reflect the recent appreciation of the cedi,” the statement read. “The gains made by the currency should not go unnoticed, and it is only right that consumers benefit from this positive development.”

GUTA’s leadership underscored the importance of fairness in business practices, especially at a time when many Ghanaians continue to struggle with the cost of living. The union stressed that when the cedi weakens, prices of goods often rise quickly. It is therefore only just, they argue, that the reverse happens when the currency gains strength.

“This is not only an economic issue—it is also a moral one,” Dr. Obeng noted. “It is our collective duty as traders to show good faith by adjusting our prices downward to match the improvements in the currency market. Ghanaians deserve to experience some relief.”

The union’s call comes at a crucial time when inflation, though stabilising, remains a concern for many households. Price rigidity in the retail sector has often drawn criticism, as consumers argue that while prices increase swiftly during economic downturns, they are seldom revised downward during periods of recovery.

Dr. Obeng reiterated that showing price flexibility in response to the cedi’s performance would not only be a gesture of goodwill but also a way to strengthen public confidence in the local economy. He added that traders who respond positively to the call will be seen as partners in national development and economic recovery.

“This is the time to build trust between businesses and the consuming public,” he said. “By adjusting prices, we send a powerful message that we are in tune with national progress and committed to easing the burden on everyday Ghanaians.”

GUTA’s appeal also speaks to broader efforts by policymakers and economic stakeholders to reduce dollarisation and stabilise the local market. The union believes that if price adjustments are not made when the cedi appreciates, it undermines the credibility of local pricing systems and hampers consumer confidence.

While the association did not outline any enforcement measures, its message was clear: immediate and meaningful price reductions are expected. GUTA’s tone, though couched in the language of appeal, strongly suggests that the time for passive observance is over.

The statement concluded by encouraging traders to act promptly and responsibly, emphasizing that the current economic climate offers a unique opportunity to demonstrate solidarity with the Ghanaian people. GUTA hopes that this call will resonate widely, prompting visible changes in market behavior that align with the country’s improving fiscal indicators.

As the conversation around economic accountability and shared responsibility gains momentum, many will be watching closely to see how traders respond—and whether consumers will finally begin to feel the benefits of a stronger cedi at the marketplace.