The Ghana Union of Traders Association (GUTA) is urging its members to slash prices of old stock to reflect the cedi’s appreciation and make room for new imports, warning that holding on to inflated prices could push some businesses out of the market.
The call comes as the 60-day grace period for price adjustments introduced in May after the currency’s sustained gains has officially lapsed. GUTA says traders who fail to act risk losing customers and capital in an increasingly competitive retail environment.
“This stability has lasted for over eight months now, which is well beyond the usual three-to-four-month business cycle,” GUTA Public Relations Officer, Joseph Paddy, told reporters. “Typically, when you travel, it takes about a month; shipping your goods takes another month; and clearing can take up to a month as well so, in all, a three-to-four-month cycle.”
Mr. Paddy cautioned that clinging to old prices no longer made business sense.
“We believe that if you are still holding old stock, while new stock has already entered the market, you risk losing out. If you don’t position yourself as a businessperson and continue holding onto old prices, you could run out of business because competitors with new products will reduce their prices,” he warned.
On May 14, 2025, GUTA and the Association of Ghana Industries (AGI) jointly announced a two-month window for businesses to review their prices in line with the stronger cedi. The decision followed discussions with the Minister for Trade and Industry, Elizabeth Ofosu-Adjare, after weeks of public pressure for retail prices to reflect the currency’s gains.
The cedi has been trading at around GH₵10.40 to the dollar, significantly stronger than the levels seen during last year’s volatility. Yet price adjustments have been slow, with traders pointing to legacy stock imported at higher exchange rates as the reason for their reluctance.
GUTA insists this explanation is no longer tenable. With newer consignments already hitting the shelves, the union believes traders must act decisively to restore consumer confidence and sustain sales momentum.
GUTA President, Dr. Joseph Obeng, has also appealed to government to continue supporting the currency’s stability, noting that traders are prepared to reciprocate.
“As new stock filters into the market, prices will adjust downward. But this requires that the exchange rate remains stable to give traders the certainty they need,” Dr. Obeng emphasized.
For now, the onus is on traders to show flexibility. In a market where consumers are increasingly price-sensitive and competitors are willing to move faster, the message from GUTA is clear: cut prices now or risk being priced out.
