Cut prices or risk losing business- GUTA warns traders
The Ghana Union of Traders Association (GUTA) is calling on its members to reduce prices on old stock to clear shelves and make room for new imports. The Association believes the move will help unlock capital, reduce market prices, and offer relief to consumers.
This follows the expiration of a 60-day grace period for price adjustments, which was introduced in May after the Ghana cedi began appreciating significantly.
GUTA’s Public Relations Officer, Joseph Paddy, noted that price stability has now lasted over eight months, well beyond the typical business cycle of three to four months.
“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,” he said.
“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,” he warned.
The 60-day adjustment window was jointly announced by GUTA and the Association of Ghana Industries (AGI) on May 14, 2025, following a meeting with the Minister for Trade and Industry, Elizabeth Ofosu-Adjare. The meeting came after growing public pressure for market prices to reflect the cedi’s strength.
Currently, the cedi trades at approximately GH₵10.40 to the dollar. However, many retail prices remain unchanged, which GUTA and AGI attribute to traders still selling goods purchased at higher exchange rates.
GUTA President Dr. Joseph Obeng has urged the government to maintain currency stability and assured that prices will adjust naturally as new stock enters the market.
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