Following the increase in the value of the cedi, the Ghana Union of Traders Association (GUTA) said it will keep urging its members to lower the pricing of their goods.
The organisation stresses the need for merchants to pass along recent currency gains by lowering the cost of their items over the holiday season.
The GUTA call comes at a time when the value of the local currency relative to the main trading currencies has increased.
In October of this year, GUTA members staged a protest by closing their businesses as the cedi fell by over 50% in value relative to the dollar.
However, during the previous 1.5 weeks, the cedi has appreciated in value by nearly 25% against the US dollar.
Although market forces influence prices, GUTA President Dr. Joseph Obeng said in a statement to Joy Business that it would be sensible to look at prices of commodities charged exorbitantly now that the cedi has found some stability.
“The market forces itself will determine the prices as people have rightly said. But what we are seeking to do is to show good faith to the consuming public that our intentions are clear that when the exchange rate comes down, we will respond positively to alleviate the plight of the consuming public especially when are going for Christmas.”
“It’s just an appeal”, he added.
Dr. Obeng claimed that because Ghana has a free market economy, GUTA may simply ask merchants to lower their pricing.
Adam Ibrahim
Adam is passionate about politics and issues that affect governance. As a writer, he channels his energies into writing on pertinent national and political issues for the good of the Ghanaian people.
Wohh exactly what I was searching for, thanks for putting up.
After all, what a great site and informative posts, I will upload inbound link – bookmark this web site? Regards, Reader.
Yeah bookmaking this wasn’t a bad determination outstanding post! .