A/R: Traders respond to GUTA’s call to reduce prices as cedi strengthens

Traders in the Ashanti Region are responding positively to GUTA's directive. The Ghana Union of Traders’ Association (GUTA) has asked traders to lower prices. This request comes after the Ghana cedi appreciated against the US dollar.

Traders are willing to adjust their prices accordingly. In an interview with Citi News, some wholesale shop owners shared their thoughts. They noted that some goods have already seen price reductions, while others remain unchanged.

Goods bought on credit are particularly affected. Some traders expressed frustration over losses from buying at high prices. They now must sell these goods at lower rates due to market changes.

GUTA's statement encouraged price adjustments based on the cedi's performance. Recently, the cedi has strengthened significantly against the dollar. The current exchange rate is about GH₵13 to US$1.

One trader mentioned a specific example: "I bought oil for 720, but now it’s 600." However, they pointed out that distributors have not yet lowered their prices. Until new stock arrives with reduced prices, adjustments will be limited.

Some traders have managed to reduce certain prices in their shops already. They remain hopeful for further changes as conditions improve.