GUTA to Traders: Lower Your Prices Now – The Cedi Is Gaining!

The Ghana Union of Traders’ Associations (GUTA) has issued a strong appeal to traders across the country, urging them to reduce the prices of goods and services following the recent appreciation of the Ghanaian cedi.

In a short but firm statement released on Sunday, May 11, GUTA emphasized that the strengthening of the local currency should bring tangible relief to consumers who have been battling high prices for months.

“We wish to appeal to the trading community to adjust prices of goods and services,” the statement read. “Bring some relief to the consuming public.”

According to GUTA, the cedi has made notable gains against major foreign currencies, including the US dollar and the euro.

This improvement in the currency market, they say, must now be reflected in market prices, especially since price hikes in previous months were largely blamed on the falling cedi.

Dr. Joseph Obeng, President of GUTA, signed the statement, which described the issue not just as an economic concern, but as a moral obligation to ensure fairness for consumers.

“For the sake of honesty and integrity, it is important that when the cedi regains strength, we do not ignore the same factor that caused us to increase prices,” Dr. Obeng noted in a follow-up interview.

Many Ghanaians have voiced frustrations over high costs of living, with food, clothing, and household items all seeing price increases in recent times. Now that the currency is on a more stable path, GUTA says traders must act quickly and responsibly.

“We owe it to our customers and to the public at large to reflect this positive change in our pricing,” Dr. Obeng added.

The statement has sparked public interest and reactions on social media, with many consumers praising the move and calling for quick implementation across markets nationwide.

While it remains to be seen how quickly prices will drop in response to this appeal, GUTA’s message is clear: with a stronger cedi, it’s time for traders to give consumers a well-deserved break.