The Ghana Union of Traders Association (GUTA) has called on sellers to reduce prices in light of the recent appreciation of the Ghanaian cedi against major trading currencies. Benjamin Yeboah, Director of Welfare for GUTA, emphasized that importers and those clearing goods from ports will benefit from the reduced exchange rate, and these savings should be passed on to consumers.
In an interview on Ahotor Fm, Yeboah explained that the cedi’s appreciation means lower costs for importers, which should translate to lower prices for consumers. He urged market women and other sellers to adjust their prices accordingly, rather than continuing to sell at higher prices that were based on previous exchange rates.
Yeboah’s call is aimed at ensuring that the benefits of the cedi’s appreciation are shared with consumers, who have been bearing the brunt of high prices due to the currency’s previous depreciation. By reducing prices, sellers can help alleviate some of the financial pressure on consumers and contribute to a more stable economic environment.
GUTA’s appeal to sellers is also motivated by the need to prevent consumer complaints against the government. With the cedi’s appreciation, consumers are likely to expect lower prices, and if sellers fail to adjust their prices, it could lead to widespread discontent and potentially harm the government’s reputation.
By passing on the benefits of the cedi’s appreciation to consumers, sellers can demonstrate their commitment to fairness and responsiveness to changing market conditions. GUTA’s call for price reductions is a timely reminder of the importance of flexibility and adaptability in business, particularly in response to fluctuations in the currency market. Ultimately, the goal is to create a more favorable business environment that benefits both sellers and consumers alike.
Story by:Ohemaa Adusi-Poku.
