Adjust price of goods for the benefit of all -GUTA President to Traders 

Dr. Joseph Obeng – GUTA President

Dr. Joseph Obeng is the President of the Ghana Union of Traders’ Associations (GUTA). He has urged traders to adjust prices as the cedi appreciates.

He stated that traders should not keep all the benefits. Consumers also suffered when the cedi depreciated against the US dollar.

In an interview on Otec FM, Dr. Obeng discussed price adjustments. He emphasized that although Ghana lacks a price control regime, it’s wise for traders to reflect current exchange rates in their prices.

Dr. Obeng mentioned that the market is currently recovering lost capital. He stressed that traders must share some benefits with consumers.

If they refuse, low sales may follow. The Ghanaian market favors buyers, who can choose to “reward or punish” sellers.

Traders need customer participation for economic growth. Dr. Obeng acknowledged challenges faced by those with old stock at previous exchange rates.

He encouraged these traders to find a reasonable average price by mixing new and old stock. This strategy will help them stay competitive as others adjust their prices.

Lowering prices could attract consumers from neighboring countries, boosting economic growth. Dr. Obeng highlighted that traders should focus on quickly selling their inventory during this period.

He advised members to practice fairness and adjust prices accordingly. Failing to do so risks losing consumer trust and complicates future price negotiations.

Regarding the sustainability of cedi appreciation, Dr. Obeng noted market reforms will respond to changes in exchange rates.

He also mentioned that Value Added Tax (VAT) needs restructuring since it significantly affects prices.

Finally, he urged the Public Utilities Regulatory Commission (PURC) to reduce utility tariffs after recent increases in electricity and water costs. Higher utility taxes can negate gains from cedi appreciation.