The Ghana Union of Traders Association (GUTA) has warned its members to reduce prices to match the recent stabilisation of the cedi against the U.S. dollar.
The leadership of GUTA in a statement commended government for its efforts to stabilise the cedi which appear to be working whilst appealing to members to reduce prices to match the trend.
“The Ghana Union of Traders’ Association wishes to appreciate the efforts being made by the government and the Bank of Ghana to stabilise the cedi. We urge the Government to continue with more efforts to sustain the program and bring relief to the business community,” a statement issued over the weekend by President Dr Joseph Obeng said.
“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.
GUTA expresseed hope that the government will put more measures in place to lead to a turnaround in the economy.
“We hope to see further and continuous appreciation of the cedi and envisage that the economy will turn around in the shortest possible time,” the statement concluded.
In recent weeks, the steep depreciation of the cedi has been reversed as the currency has now moved from the worst performing against the dollar to the best.
From a high of around Ghc 16 to a dollar, the Ghanaian cedi is now trading at around Ghc 12-13 to a dollar, although there has yet to be a corresponding decrease in the prices of goods and services.
Source: theGhanaianVoice.Com