Leadership of the Ghana Union of Traders (GUTA) has appealed to the trading communities to reduce the prices of goods and services in accordance with the current appreciation of the Cedi against the major trading currencies.
Speaking on the Citi Breakfast Show, the Vice President of the Union, Clement Boateng advised his colleagues to contribute toward reviving the nation’s debt-stressed economy by reducing their prices just as the Cedi has recorded some level of appreciation.
“The situation demands that we contribute to the development of the country, and we are all aware that the Cedi has depreciated against some major currencies which led to an increase in the prices of goods and services, and it is incumbent on us that once there has been a little bit stability of the Cedi, we should appeal to our members so that they can also as much as possible adjust their prices so that the consuming public can be cushioned in the Christmas season.”
He added that he expected the prices of goods to be reduced going forward because purchases and importations by importers had already been made and will not affect new imports which are expected to arrive after the Christmas celebrations.
“I can tell you that supplies for Christmas have already been done. We have already made purchases for Christmas so even if we are going to make any purchases again, those purchases are going to come after Christmas.
“Now that the Cedi has appreciated against the Dollar, we should try as much as possible to strike a balance not that we sell in a way that we lose but at least, you don’t expect to make so much profit but they should try and reduce their prices, we are advising against those price increases that people were making to make astronomical profits.”