Prices have responded positively to cedi stability - Former GUTA president

The former president of the Ghana Union of Traders Association (GUTA), Joseph Obeng, has strongly dismissed claims that traders have refused to reduce prices in the retail trade market despite recent stability in the economy.

According to him, such assertions are fueled by “negative speculation” and a lack of proper market research.

Speaking in a phone interview with GhanaWeb Business, Joseph Obeng said prices have indeed responded positively to the sustained stability of the cedi and Ghana’s macroeconomic environment over the past year.

“It is true that prices have responded positively to the stability of the economy. We don’t have any reason to maintain old prices because competition alone does not allow that. And we must also show good faith to consumers and to government,” he stressed.

Obeng maintained that those claiming otherwise have “not done their homework,” arguing that they often buy goods from a few traders which may be overpriced instead of assessing the wider market.

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He urged the consuming public to rely on verifiable price comparisons, including online channels and physical shops, rather than speculative commentary.

The former GUTA president noted that the initial challenges traders faced during the early stages of the cedi's stability have long been corrected.

“We have had close to a year of stability, which has taken care of all initial pricing distortions. So, we don’t know where the negative speculation is coming from,” he said.

He also cautioned against the spread of misinformation on pricing, noting that such distortions often incite public backlash against traders. Obeng emphasised that Ghana operates in a competitive market, not a monopolistic one.

“Nobody can overprice themselves out of competition because prices are not determined by one person and the consumer has the power,” he clarified.

The former GUTA president emphasised that traders have a vested interest in keeping prices low, as high turnover, not inflated margins, sustains their businesses, particularly since many rely on bank loans.

Joseph Obeng therefore encouraged Ghanaians to “reward those who sell at fair prices and punish those who overprice,” insisting that the market naturally corrects itself through consumer choice.

SP/MA

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