Adjust prices of goods and services – GUTA tells Traders

Dr. Joseph Obeng, president of the Ghana Union of Traders’ Associations (GUTA), has made a call to the trading community. He urged them to review and adjust prices for goods and services.

GUTA believes that price adjustments are necessary due to the recent appreciation of the Ghanaian cedi. The cedi has strengthened against the US dollar and other major currencies. GUTA sees this as a positive development.

In his statement, Dr. Obeng said, “We appeal to traders to adjust prices.” He emphasized that this would help share the benefits of the cedi's appreciation with consumers. It would also promote fairness and build trust between traders and customers.

Earlier, GUTA praised the Bank of Ghana for restoring confidence in the cedi. In a joint statement with Charles Kusi Appiah Kubi, GUTA noted that this development brings hope to businesses recovering lost capital from previous years.

They mentioned that improved exchange rates create predictability in foreign exchange markets. This change challenges the idea that foreign currency is a safe store of value in Ghana.

GUTA urged authorities to maintain these positive measures. Sustaining these gains could lead to full economic recovery, increased competitiveness, higher productivity, and lower living costs.

According to Bloomberg reports, since April, the Ghanaian cedi has appreciated by 16%. As of May 9, 2025, it trades at GH¢13.1 per dollar.