Consumers should expect a drop in the prices of goods soon. The recent rise of the Cedi against the US dollar is driving this change, according to Dr. Joseph Obeng, President of the Ghana Union of Traders (GUTA).
In an interview on TV3’s Key Points on May 17, 2025, Dr. Obeng said the stronger Cedi has helped traders gain. He believes these gains will soon reflect in market prices. He added that traders who hesitate to lower prices will face pressure from competitors who have already.
“We’ve made significant gains. This will start reflecting in the market soon,” he said. “Retailers who sold goods earlier can now restock at lower costs. To stay in business, they must adjust their prices.”
However, Dr. Obeng urged consumers to manage their expectations. He explained that the Cedi’s strength alone cannot bring prices down. Other costs, such as utility tariffs and Value Added Tax (VAT), also affect pricing.
“We need VAT reforms. The cascading tax system raises prices,” he noted. “Utility bills have also gone up. The government must talk to PURC to stop further hikes. The falling dollar removes their excuse for raising rates.”
Dr. Obeng stressed that traders cannot bear the full burden of price reductions. He called for a collective effort to balance currency gains with cost reductions in other areas.
