The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has appealed to traders to reduce prices of goods and services following the recent cedi appreciation.
According to the president, traders increased the prices of goods and services as a result of the high exchange rate.
In an exclusive interview on Bryt Adekyee Mu Nsem with Kwamina Sam Biney, Dr. Obeng emphasized the need for traders to pass on the cedi appreciation benefits to consumers by reducing prices of their goods.
He urged traders to show good faith by reducing prices on their goods as he believes it will benefit consumers and promote business growth.
He noted the association does not have a price control regime, hence cannot force traders to reduce prices.
“Now that the dollar has depreciated, if there’s good news, we have to share it with our customers so they can purchase our goods. By reducing prices, traders can increase sales and promote a free flow of business” he stressed.
Dr. Obeng emphasized that business is all about turnover and, therefore, encouraged traders to consider the benefits of passing on the savings to consumers, which would ultimately boost business activities.
The GUTA president acknowledged that some traders might have bought goods at the old rate and may need time to adjust prices.
Source:Mybrytfmonline.com/Gladys Ama Tetteh
