President of GUTA, Dr Joseph Obeng
The President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, is urging traders to reduce the prices of goods to reflect the recent appreciation of the Ghanaian cedi against major foreign currencies.
His comments follow the cedi’s recent gains against the US dollar, which have prompted widespread praise for the government’s economic management.
The appreciation has also sparked public calls for a reduction in the prices of goods and services.
In response, the Ghana Private Road Transport Union (GPRTU) recently announced a 15% cut in transport fares.
Speaking with the media at Jubilee House on May 28, 2025, Dr Obeng emphasised that although market forces primarily determine prices, traders have a responsibility to act in good faith toward the consuming public.
“We operate in a competitive market, not a monopolistic one. So what we can do as trade leaders is to appeal to our members, and that’s what I’ve been doing: encouraging them to reduce prices,” he said.
Dr Obeng explained that when consumers are financially strained, it negatively affects business turnover.
He stressed that lowering prices in response to improved macroeconomic conditions is both an ethical duty and a practical necessity.
“When our customers are struggling, they can’t buy, and that affects our ability to generate the turnover we need for our businesses to thrive. Business thrives on turnover, so we have an obligation to bring prices down,” he added.
He urged the public to recognise traders who have already begun passing on the benefits of the stronger cedi and emphasised the importance of maintaining public trust.
“Please go to the market and see for yourself, many prices are gradually coming down for the benefit of consumers. It’s the right thing to do to support turnover and sustain business,” he said.
ID/MA
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