The Ghana Union of Traders Association (GUTA) is calling on its members to reduce prices of their old stock to make way for new ones.
According to GUTA, sticking to the old prices will lock up their capital. GUTA is urging members to clear the old stock to ease costs and bring relief to consumers.
The call follows the expiration of the 60-day grace period for price adjustments after the cedi appreciated against major trading currencies on the forex market.
Public Relations Officer of the Association, Joseph Paddy, has said traders who refuse to comply may lose out since the price stability has held for more than eight months, well beyond the usual business cycle.
“This stability has lasted for over eight months now, which is well beyond the usual three-to-four-month business cycle.”
According to him, “typically, when you travel, it takes about a month; shipping your goods takes another month; and clearing can take up to a month as well—so, in all, a three-to-four-month cycle.”
He cautioned that those refusing to reduce their prices will lose out to their competitors who have brought in new stock and reduced their prices.
“We believe that if you are still holding old stock, while new stock has already entered the market, you risk losing out. If you don’t position yourself as a businessperson and continue holding onto old prices, you could run out of business because competitors with new products will reduce their prices,” he warned.
GUTA and the Association of Ghana Industries (AGI) on May 14, 2025, jointly announced a 60-day window for businesses to adjust prices in line with the cedi’s appreciation. The announcement followed a high-level meeting with the Minister of Trade and Industry, Elizabeth Ofosu-Adjare, after public pressure mounted for market prices to reflect the stronger currency.
The cedi currently trades at about GH₵10.40 to the dollar. While many goods remain unchanged in price, GUTA and AGI explained that older stock, purchased at higher exchange rates, had delayed adjustments.
GUTA President Joseph Obeng has since urged government to maintain the currency’s stability, assuring that traders will adjust prices as new stock arrives.
