GUTA urges price cuts on old stock as cedi gains hold
By: Solomon Nartey Tetteh
The Ghana Union of Traders Association (GUTA) has urged its members to reduce prices on old stock to make way for new imports.
The Association says the move will unlock capital, ease pressure on the market, and offer relief to consumers.
This follows the expiration of the 60-day grace period for price adjustments introduced after the cedi’s appreciation.
GUTA’s Public Relations Officer (PRO), Joseph Paddy, explained that price stability has now held for over eight months, well beyond the usual three-to-four-month business cycle.
He warned that traders who refuse to adjust prices risk losing out.
“This stability has lasted for more than eight months, compared to the normal cycle of three to four months. Typically, you spend about a month travelling, another month shipping, and close to a month clearing goods, which all fall within that cycle. Holding onto old stock at inflated prices is dangerous and could push traders out of business,” the GUTA PRO noted.
On 14 May 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 gains. That announcement followed a meeting with Trade and Industry Minister Elizabeth Ofosu-Adjare, after public pressure for market prices to reflect the stronger currency.
Currently, the cedi trades at about GH₵10.40 to the dollar. While many market prices remain unchanged, GUTA and AGI explained that older stock, purchased at higher exchange rates, has delayed adjustments.
Meanwhile, GUTA President Joseph Obeng has appealed to government to maintain the currency’s stability, assuring that traders will continue to adjust prices as new stock enters the market.
