GUTA urges businesses to adjust prices of goods to reflect Cedi gains

The Ghana Union of Traders’ Associations (GUTA) says it appreciates the efforts being made by the government and the Bank of Ghana to stabilize the Cedi and has 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.