Ghana’s leading traders’ union is calling on its members to cut prices on older inventory, citing a prolonged period of currency stability and mounting pressure on consumers.
The Ghana Union of Traders Association (GUTA) said Monday that traders should reduce prices on goods imported months ago, when the cedi was weaker, to free up capital and make room for fresh stock. The directive follows the expiration of a 60-day grace period for price adjustments, which had been granted after the cedi’s sharp appreciation earlier this year.
“Traders who continue to hold onto old pricing risk losing market share as competitors bring in new stock at lower cost,” said Joseph Paddy, GUTA’s public relations officer. “This is a business cycle issue. Stability in the cedi has persisted well beyond the usual three-to-four-month trading window.”
The cedi has traded steadily around GH₵10.40 to the dollar in recent months, offering rare predictability for Ghana’s import-reliant retail sector. But prices on store shelves have remained largely unchanged, frustrating consumers who expected relief after the currency strengthened.
GUTA and the Association of Ghana Industries (AGI) had jointly declared the 60-day window in mid-May, following meetings with Trade and Industry Minister Elizabeth Ofosu-Adjare. The goal was to give businesses time to recalibrate prices in line with improved exchange rates, after criticism that benefits of the stronger cedi were not reaching consumers.
GUTA warned that holding on to slow-moving or near-expiry stock at inflated prices could hurt retailers in the long run.
“If you’re sitting on old goods while the market is already receiving new inventory, you’re putting yourself at risk,” Paddy said. “Competitors will undercut you, and you may find yourself stuck.”
GUTA President Joseph Obeng added that the onus is now on government to maintain the cedi’s stability, assuring that traders are prepared to align their prices with current market realities as new imports arrive.
“We need consistency,” Obeng said. “If the macro environment holds, the market will adjust.”
