The Ghana Union of Traders Association (GUTA) has appealed to its members to slash prices on old stock as a way of easing consumer pressure and making room for fresh imports.
According to the Association, the move will help unlock much-needed capital, reduce costs in the market, and ultimately bring relief to consumers who continue to grapple with high prices despite recent stability in the Ghana cedi.
This directive comes as the 60-day grace period for price adjustments—introduced earlier this year following the cedi’s appreciation—has officially expired. Many consumers had anticipated significant price reductions across markets, but reports show that several goods have yet to reflect the new exchange rate trends.
GUTA’s Public Relations Officer, Joseph Paddy, explained that the extended stability of the cedi has provided a rare opportunity for traders to reset prices and respond to consumer demand. He noted that the local currency has now remained stable for more than eight months—well beyond the typical business cycle that traders rely on.
“This stability has lasted for over eight months now, which is well beyond the usual three-to-four-month business cycle. Typically, when you travel, it takes about a month; shipping your goods takes another month; and clearing can take up to a month as well—so, in all, a three-to-four-month cycle.”
GUTA
Paddy emphasized that traders who cling to old prices, despite this unusual window of stability, risk losing their competitive edge.
Risks of Holding onto Old Stock
According to GUTA, keeping old or near-expiry stock at inflated prices is not only bad for consumers but could also drive traders out of business. Paddy warned that the influx of new stock, which benefits from the improved exchange rate, would inevitably put pressure on traders who fail to adjust prices accordingly.
“We believe that if you are still holding old stock, while new stock has already entered the market, you risk losing out. If you don’t position yourself as a businessperson and continue holding onto old prices, you could run out of business because competitors with new products will reduce their prices.”
GUTA
His remarks reflect broader concerns that consumer trust in the market could erode if traders appear unwilling to pass on the benefits of currency stability.
Background to the Price Adjustment Window
On May 14, 2025, GUTA and the Association of Ghana Industries (AGI) jointly announced a 60-day window for businesses to adjust prices in line with the cedi’s appreciation. The decision followed a high-level meeting with the Minister for Trade and Industry, Elizabeth Ofosu-Adjare, after growing public pressure for prices to reflect the stronger local currency.
At the time, GUTA and AGI argued that price adjustments could not happen immediately, since many traders still held large inventories of stock purchased at higher exchange rates. The 60-day window was therefore designed to allow businesses enough time to clear such goods before reducing prices.
Cedi Stability and Trader Response
Currently, the cedi trades at about GH₵10.80 to the dollar, a marked improvement compared to previous years of volatility. Despite this, many goods and services on the market remain unchanged in price, raising questions about whether businesses are deliberately holding back reductions.
GUTA President, Dr. Joseph Obeng, has since reassured the public that traders will adjust prices as new stock enters the market. He, however, called on government to maintain the currency’s stability, stressing that without long-term consistency, traders would struggle to commit to sustainable price reductions.
“The assurance we can give is that traders will adjust prices as new stock arrives, but we also appeal to government to continue its efforts in keeping the cedi stable. This is the only way to protect businesses and consumers alike.”
GUTA
The current standoff between consumer expectations and trader responses highlights a critical test for market confidence in Ghana. While government has succeeded in stabilizing the cedi, consumers argue that the benefits are yet to be fully felt in their pockets. Traders, on the other hand, maintain that market dynamics and stock cycles must be respected before significant changes can take place.
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