The President of the Ghana Union of Traders’ Associations (GUTA), Clement Boateng, has urged traders in Ghana to reduce prices of goods to reflect the recent appreciation of the Ghana cedi.

Speaking on Joy News’ PM Express, he said the stronger cedi has reduced the cost of doing business, and traders must pass these benefits on to consumers.

Mr. Boateng said the business community has gained significantly from the cedi’s improvement, but some traders are refusing to lower prices.

He described this as a negative “attitude,” saying some traders are unwilling to allow others to enjoy the economic benefits.

He gave an example of a bread seller who refuses to reduce prices even when the cost of baking ingredients has dropped.

He emphasized that the cedi’s appreciation is real and sustained, and traders have a responsibility to reflect this in their pricing.

According to him, prices have generally reduced across many goods, although some traders still refuse to comply. He described such traders as “bad nuts” who are ignoring market realities.

Mr. Boateng also warned that traders who refuse to lower prices risk losing customers in a competitive market.

He explained that businesses depend on fast sales and restocking, and those who keep prices high may see their goods remain unsold while competitors attract more buyers.

He linked the price reductions to declining inflation, explaining that inflation reflects the purchasing power of money.

More information on inflation trends can be found through the Bank of Ghana and the Ghana Statistical Service.

As inflation drops and the cedi strengthens, consumers should naturally see lower prices in the market.

However, the cedi’s performance has been mixed. In the interbank market, the cedi weakened slightly against major currencies, closing at GH¢10.98 per US dollar, GH¢14.94 per pound, and GH¢12.97 per euro.

This was mainly due to seasonal foreign exchange demand.

In contrast, the cedi strengthened in the retail market, improving to GH¢11.70 per US dollar, GH¢15.75 per pound, and GH¢13.65 per euro.

According to Databank Research, the cedi may face mild pressure in the short term due to increased demand for foreign currency, but strong international reserves and high gold prices give the Bank of Ghana the ability to support the currency.

Overall, the cedi has gained about 4.0% against the US dollar this year.

Mr. Boateng stressed that traders must ensure consumers benefit from this improvement, helping to reduce inflation and improve economic conditions in Ghana.