Despite the recent appreciation of the Ghana cedi, traders in Accra’s major markets are maintaining high prices. They attribute this to the cost of their current stock, which was purchased when the dollar was trading much higher. As a result, prices cannot be reduced immediately.
In some trading hubs, especially traders whose products are majorly imported, many traders explain that they are still covering the costs of goods imported at rates well above GH¢12 to the dollar. Even though the cedi has seen relative stability, bolstered by inflows from the IMF and improved foreign exchange management and in fiscal consolidations, traders say they need to recover these earlier expenses before considering price adjustments.
The Ghana Union of Traders Association (GUTA) has been at the forefront of calls for traders to reduce prices in response to the cedi’s gains. However, traders maintain that the pricing challenge is not as straightforward as it seems. They argue that only when new stock arrives at the current exchange rate will they be able to reflect the cedi’s improved value in their prices.
. This stance has left many consumers disappointed, as they expected price reductions following the cedi’s appreciation. For now, shoppers may have to wait a bit longer before the stronger cedi translates to lower prices at the markets.
