The Ghana Union of Traders Associations (GUTA) has appealed to its members to reduce prices following recent improvements in the exchange rate between the cedi and the US dollar. GUTA President Dr. Joseph Obeng said traders have a responsibility to reflect the currency gains in their pricing, especially given the current low purchasing power of consumers.
Dr. Obeng noted that while some goods were imported at higher exchange rates, current trading conditions demand more competitive pricing. He emphasized that the market is competitive, and traders who import goods at lower costs should adjust their prices accordingly to stay in business. GUTA represents over 78 trade groups across the country.
The union has also called on the government to support the move by addressing other cost pressures, including high utility tariffs and taxes. Dr. Obeng urged the government to engage the Public Utilities Regulatory Commission to review tariffs in light of the improved exchange rate.
Sankofaonline
