We’ll continue to appeal to traders to slash prices as cedi strengthens – GUTA

The Ghana Union of Traders Association (GUTA), says, it will continue to appeal to its members to reduce the prices of their goods, following the improvement in the value of the cedi.

According to the association, it is important for traders to transfer the recent gains in the local currency through a reduction in the prices of their goods during the yuletide.

GUTA’s call is coming at a time the local currency has strengthened in value against the major trading currencies.

GUTA members demonstrated in October this year, closing their shops after the cedi lost its value to the dollar by about 50%.

The cedi has however witnessed over 25% gain in value to the US dollar since the past one and half weeks.

Speaking in an interview, President of GUTA, Dr. Joseph Obeng said although market forces determine the prices, it will be prudent to take a look at prices of goods charged exorbitantly now that the cedi has gained 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 stated that GUTA can only appeal to traders to reduce the prices, since Ghana runs a free market system.