The Ghana Union of Traders’ Associations (GUTA) has once again urged traders to revise the prices of goods and services in response to the recent strengthening of the Ghanaian cedi against major foreign currencies.
The union believes this move is essential to ensure that consumers benefit from the improving economic climate and to promote greater market stability.
In a public statement after several recent calls, GUTA President Dr. Joseph Obeng stressed the need for businesses to pass on the advantages of the cedi’s appreciation to consumers. He pointed out that the local currency’s rebound, along with declining inflation, should naturally lead to lower prices. “With the cedi gaining strength, we are encouraging our fellow traders to reflect this change in their pricing so consumers can also feel the relief,” he said.
The cedi’s improved performance has been largely credited to government interventions such as the Bank of Ghana’s stabilization efforts and the implementation of the domestic debt exchange programme. GUTA believes that these developments have created a more favourable exchange rate environment that should now be evident in pricing trends.
Dr. Obeng also acknowledged the practical difficulties traders face, especially those who stocked inventory when the exchange rate was less favourable. He noted that while some businesses have already begun lowering prices, adjustments will happen gradually. “Some traders are already reducing prices, but expectations should be managed as this will take some time,” he added.
GUTA further appealed to the government to maintain the momentum of economic recovery by continuing policies that uphold the cedi’s stability. The association highlighted the importance of ongoing collaboration among the government, the Bank of Ghana, and the business sector to ensure lasting economic progress.
The Ghanaian cedi was recognized by Bloomberg as the world’s best-performing currency in April 2025, gaining nearly 16% against the US dollar, receiving wide commendation from stakeholders.
This appreciation is linked to increased forex inflows, reduced demand pressures, and supportive government measures.
The cedi strengthened from GH₵14.00 to GH₵13.20 per dollar, contributing to a drop in inflation from 22.4% in March to 21.2% in April, according to official statistics.
