GUTA, AGI set 60-day deadline to cut prices as Cedi strengthens

The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) have announced a 60-day period for businesses to adjust prices. This decision follows a meeting on May 14 with Trade Minister Elizabeth Ofosu-Adjare. The meeting addressed public calls for market prices to reflect the cedi's recent appreciation against the US dollar.

Currently, the cedi trades at about GH₵12.40 to the dollar. Despite this, prices of goods have not changed much. GUTA and AGI noted that there is often a delay in price adjustments due to older stock purchased at higher rates.

GUTA President Dr. Joseph Obeng urged the government to maintain the cedi's stability. He assured that traders would adjust prices as new stock arrives. "The government should continue its good work by sustaining the cedi's appreciation," he said.

Obeng emphasized that market forces will determine prices based on supply and demand. He believes that if the dollar rate remains stable, consumers will see positive changes within two months.

AGI President Dr. Humphrey Ayim-Darke echoed this sentiment. He stated that manufacturers are ready to reflect gains in their pricing. "We commend the government and are committed to adjusting our prices accordingly," he said.

The Ministry of Trade expressed optimism about maintaining the cedi's performance. They reaffirmed their commitment to ensuring a stable economic environment in Ghana.