GUTA & AGI Set 60-Day Deadline for Price Cuts as Cedi Strengthens
GUTA and AGI set a 60-day deadline for businesses to reflect the cedi's appreciation in market prices, ensuring consumer benefits
- GUTA and AGI set a two-month window for businesses to adjust prices
- The Ghanaian currency strengthens to GH₵12.40 to the dollar
- Traders and manufacturers pledge to pass on the benefits of the stronger cedi to consumers within 60 days
The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) have announced a 60-day period for businesses to lower prices in response to the Ghana cedi’s recent appreciation against the US dollar.
This decision followed a meeting on May 14 with the Minister for Trade and Industry, Elizabeth Ofosu-Adjare, as public demand grew for price reductions reflecting the stronger cedi, which is now trading at about GH₵12.40 to the dollar.
While prices have remained largely the same, GUTA and AGI noted that a delay in price adjustments is common because older stock, bought at higher exchange rates, is still in circulation.
GUTA President, , urged the government to maintain the cedi’s stability, assuring that traders would adjust prices as fresh stock is acquired. “If the cedi remains stable, we will make adjustments within two months, and consumers will see the benefits,” he said.
AGI President, Dr. Humphrey Ayim-Darke, echoed this sentiment, emphasizing that manufacturers are ready to pass on the cost benefits to consumers. “We are committed to reflecting these gains in our pricing, and we believe that within the 60-day window, both wholesale and retail prices will be affected,” he confirmed.
The Ministry of Trade remains optimistic about the cedi’s sustained strength and reaffirmed the government’s commitment to a stable economic environment.
