Benjamin Yeboah, Director of Welfare for the Ghana Union of Traders Association (GUTA), has called on fellow traders in the spare parts market to reduce prices in response to the recent appreciation of the Ghanaian cedi against the US dollar.
Speaking on the Adekyee Mu Nsem morning show on Ahotor 92.3 FM, hosted by Citizen Kofi Owusu in Accra, Mr. Yeboah emphasized that the strengthening cedi offers an opportunity for traders to offer relief to consumers. He noted that since most imports are priced in dollars, a stronger cedi should naturally lead to lower local prices.
“The interbank rate of the dollar against the cedi has been stable for a while and has dropped, creating a more favorable environment for imports,” he explained. “This gives us room to appeal to our colleagues in the import and export business to adjust prices accordingly.”
However, he acknowledged the challenge in standardizing prices, pointing out that many traders operate from different regions and countries, often with varying cost structures.
Meanwhile, GUTA President Dr. Joseph Obeng has urged the government to maintain fiscal discipline and prudent monetary policies to sustain the cedi’s current strength, which is trading at approximately GHS13.00 to the US dollar.
“A stable exchange rate is essential for business confidence, economic predictability, and long-term growth,” Dr. Obeng said. “If the rate continues to appreciate and remains stable, businesses will thrive. But if it fluctuates, it creates uncertainty.”
Dr. Obeng attributed the cedi’s recent resilience to improved foreign exchange inflows, reduced demand pressures, and enhanced investor confidence driven by policy reforms. He warned, however, against economic arguments that promote currency devaluation to boost exports, calling such narratives misleading.
“Some economists may claim a weaker dollar hampers exports and may push for devaluation, but we must avoid such confusion. The strength of the cedi should be preserved,” he cautioned.
Highlighting the government’s industrialization agenda and the push for a 24-hour economy, Dr. Obeng stressed the importance of keeping Ghanaian goods competitively priced both locally and internationally.
In a statement signed by Dr. Obeng, GUTA appealed to the trading community to adjust prices to reflect the gains of the cedi’s appreciation. The association urged traders to support consumers, who continue to face high living costs.
“The Ghana Union of Traders’ Associations (GUTA) wishes to appeal to the trading community to adjust prices of goods and services to share the significant gains made by the appreciation of the cedi,” the statement read.
GUTA believes that aligning prices with current exchange rates will not only ensure fairness in the market but also help build trust between traders and consumers. The association emphasized that this is a critical moment to support the broader national economic recovery.
