Price adjustment not ‘by force’, it’s just a plea- GUTA

The Vice Chairman of the Ghana Union of Traders’ Associations (GUTA), Mr. Clement Boateng, says although the union has asked its members to adjust prices of goods and services due to the appreciation of the Cedi against the Dollar, it is not forcing anyone to do so.

According to him, the call on members to reduce or adjust prices is just a plea and not by force.

GUTA in a statement appreciated the efforts being made by the government and the Bank of Ghana to stabilize the Cedi and consequently asked the business community to adjust the prices of goods and services to reflect the gains being made by the national currency.

This year, the cedi to dollar exchange rate reached $1 to GH15, but it now trades slightly above GH12.50 to the dollar.

In a statement issued over the weekend, GUTA urged the Government to continue with more efforts to sustain the program and bring relief to the business community.

“As the value of the Cedi begins to appreciate, GUTA wishes to appeal to members of the business community to also adjust prices of goods and services accordingly, to make the consuming public feel the impact of this positive trend,” the statement added.

“We hope to see further and continuous appreciation of the Cedi and envisage that the economy will turn around in the shortest possible time,” GUTA said.

Meanwhile, Bloomberg reported that the Ghana cedi was the best-performing currency against the US dollar last week.

The currency, having lost more than 50% of its value in the year gained 10% against the dollar.

Despite the call, some members have still not adjusted their prices.

Speaking on Atinka TV‘s morning show, Ghana Nie with Ekourba Gyasi Simpremu, Mr Clement Boateng said although Government is doing its best to ensure the appreciation of the Cedi, it behoves on such a responsible organisation to encourage its members to adjust prices so that the consumers can also purchase goods and services while Christmas was fast approaching.

He said although some of the items were purchased when the dollar was high, the traders should at least adjust the prices on those items so that people can purchase them.

“We are not going to impose it on anyone or force anyone to lower their prices,” he said, “but what is happening is pleading that we are pleading with them that all have a role to play in the development of the nation and not just the government alone.”

Meanwhile, Mr. Clement Boateng also acknowledged that some of its members, have started reducing the prices of their goods and services to enable consumers to purchase them or patronise them.

He also said if the government continues to implement the measures put in place, the Cedi will keep appreciating, expressing hope that it gets to GHC9 as against the Dollar.