President of the Ghana Union of Traders (GUTA), Dr. Joseph Obeng, has admonished Ghanaian traders to reduce their goods to reflect the current appreciation of the local currency to the dollar.
He said that traders raised their prices to reflect the depreciation of the cedi, so it was prudent for them to lower their prices following the cedi’s appreciation against the dollar.
”We increased our prices when the cedi depreciated. We did so without ill intent but to prevent businesses from running at a loss. We have since witnessed an appreciation of the cedi against the dollar, so we are encouraging traders to reduce prices.”
Dr. Obeng told host Kwabena Agyapong that traders would have to do this in order for Ghanaians to be relieved.
He claimed that if traders struck the average, they would be able to reduce prices in a reasonable manner, benefiting both consumers and traders.
”You know we do not have a pricing regime in Ghana, and so we can only appeal to traders to reduce the prices of goods and services.”
He said HUTA wants to show good faith to consumers, and the government should also sustain the progress to prevent prices of goods and services from going up.