Dr Joseph Obeng is President of GUTA
President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has said that prices of goods in the market will begin to decline in the coming days.
He attributes this to the consistent appreciation of the cedi against the US dollar.
According to him, retailers have already made some gains due to the cedi’s appreciation, and these gains will soon start reflecting in market prices.
Speaking on TV3’s The Key Points on May 17, 2025, as monitored by GhanaWeb Business, Dr Obeng stated that all traders would have to comply with the directive to ease the burden on consumers.
“Even if you are a retailer, by now you should have sold some of your goods. All I’m saying is that if you sell some stock and buy new ones, you should strike a reasonable average so that you’re not pushed out of the market,” he explained.
However, Dr Obeng cautioned consumers to lower their expectations regarding price reductions following the cedi’s appreciation.
He explained that increases in utility tariffs and an unfavourable VAT system mean that traders cannot fully reduce prices.
SP/MA
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