President of the Ghana Union of Traders Association (GUTA), Clement Boateng, has urged traders and businesses to reduce prices and pass on the benefits of the cedi’s recent appreciation to consumers, warning that failure to do so is both unfair and economically shortsighted.
Speaking on Joy News’ PM Express on Monday, Boateng criticised some businesses for refusing to adjust prices downward despite falling input costs, describing the practice as deliberate.
I see the action of not wanting to reduce prices as a deliberate issue,” he said, citing examples where traders maintain high prices for goods such as bread even though the cost of some key inputs has declined.
According to him, such behaviour reflects a troubling mindset that prevents consumers from sharing in improved economic conditions.
I see that as an attitude of some Ghanaians that, irrespective of whatever situation that we find ourselves, we will not let our compatriots also enjoy the gains that we have made,” he added.
Boateng stressed that the appreciation of the cedi is no longer in dispute and that the business community has already benefited from the stronger currency.
It is an undeniable fact that the cedi has appreciated for quite some time, and the business community has made some gains,” he said.
On that basis, he argued that traders have a responsibility to reflect those gains in the prices paid by consumers.
So definitely, the gains that we have made, we are supposed to also pass it on to the consumer, for the consumer to also enjoy a bit of what has happened in the marketplace,” he noted.
When asked whether price reductions are actually happening, the GUTA President acknowledged that while prices have generally fallen across the market, some traders continue to resist.
It has happened across board, yes. But as we say, we have bad nuts in every community,” he said.
He warned that traders who refuse to adjust prices risk losing business in Ghana’s highly competitive trading environment.
“People have made up their minds that they will not reduce their prices. But I pity those people, because the market that we are in is a very, very competitive market,” Boateng cautioned.
He explained that trading thrives on turnover rather than hoarding stock, noting that stubborn pricing could ultimately hurt a trader’s own business.
The business that we do, we use facilities in doing the business, and businesses thrive on turnover,” he said.
According to him, traders who hold on to high prices will lose customers to competitors who adjust faster, sell more, and replenish stock.
Your neighbour will sell fast and then bring in more goods to make the turnover that he wants, and his business will thrive, while you sit beside your goods and make no sales,” he warned.
Boateng maintained that overall price levels have begun to ease, a trend he said is reflected in falling inflation.
Generally, prices have gone down, and that is why inflation also seems to be going down,” he stated, explaining that inflation ultimately reflects the purchasing power consumers derive from their money.
His comments come amid growing public pressure on importers, retailers, and manufacturers to reflect the improved exchange rate in the prices of goods, particularly essential items.
For the GUTA President, the message to traders is clear: the cedi has strengthened, businesses have benefited, and consumers deserve to share in the gains.
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