The Ghana Union of Traders Association (GUTA) has appealed to their members to cut down their prices of goods. According to them this should be done due to the massive improvement in the value of the Cedi.
GUTA also added that it’s significant for traders to convey their recent gains in Cedi by reducing the prices of their goods especially during the Christmas festive.
According to GUTA, they made this call after they noticed the depreciation of the Dollar to Cedi. The Cedi is said to have gain more strength in-value against most major trading currencies.
Dr. Joseph Obeng, the GUTA president on Joy Business said, it would be more appropriate if the extravagant prices of goods would be reduced by traders. This is because the Cedi has showed strength in value especially against the dollar. He also added that, the market forces determine the prices.
“The market forces itself will determine the prices as people have rightly said. But what we are seeking to do is to show good faith to the consuming public that our intentions are clear that when the exchange rate comes down, we will respond positively to alleviate the plight of the consuming public especially when are going for Christmas.”
“It’s just an appeal”, he said.