Reduce prices to reflect Cedi appreciation against the Dollar – GUTA tells members

The Ghana Union of Traders Association (GUTA) has urged its members to adjust the prices of goods and services to reflect the Cedi’s stability against other major international currencies.

GUTA lauded the government and the Bank of Ghana (BoG) for ensuring that the Cedi appreciates against its major trading currencies.

“The Ghana Union of Traders’ Association wishes to appreciate the efforts made by the government and the Bank of Ghana to stabilise the cedi.”

“We urge the government to continue with more efforts to sustain the programme and bring relief to the business community,” GUTA said.

The statement further appealed to the business community to review the exorbitant prices of goods and services to ease the burden of consumers.

“As the value of the cedi begins to appreciate, GUTA wishes to appeal to the business community to adjust prices of goods and services accordingly, to make the consuming public feel the impact of this positive trend,” GUTA appealed.

Meanwhile, Bloomberg has reported that the Ghana Cedi last week posted the world’s biggest gain against the US Dollar as Ghana starts reorganising local debt.

It said the Ghana cedi took the title of the world’s best performer against the dollar last week amid optimism the country was moving closer to unlocking an International Monetary Fund (IMF) bailout.

“The Cedi has rallied 10 per cent in the past five days, the biggest advance among about 150 currencies tracked by Bloomberg. That’s a turnaround for an exchange rate that had lost half of its value this year and occupied the bottom slot in the charts,” the report stated.

The Cedi is currently trading at ¢12.55 to USD 1, ¢15. 38 to GBP 1 and ¢13.21 to EURO 1.