By: Alexander Afriyie
The Ghana Union of Traders’ Associations (GUTA) has called on its members to adjust prices in line with the recent appreciation of the Ghanaian cedi against the US dollar. However, this is not the first time GUTA has made such a call.
In December 2022, GUTA issued a similar directive when the cedi was trading at an average of GHS 10.20 to the dollar. However, despite the call, prices of goods did not decrease significantly, and Ghana recorded its highest inflation rate of 54.1% in over two decades that month.
Fast-forward to today, the cedi has appreciated to GHS 13 to the dollar from GHS 16 in January 2025, and inflation stands at around 21.2%. The question on many minds is whether traders will obey GUTA’s directive this time around.
While some businesses have expressed willingness to comply, others remain skeptical. One business mentioned on Citi CBS said it would adjust its prices to attract more customers.
It remains to be seen whether GUTA’s call will lead to significant price reductions this time. The outcome will likely depend on the commitment of traders to pass on the benefits of the cedi’s appreciation to consumers. Alexander Afriyie