GUTA Urges Traders to Slash Old Stock Prices to Relieve Consumer Costs

The Ghana Union of Traders Association (GUTA) has urged its members to slash prices on old stock to clear goods and make way for new imports. According to the Association, the move will unlock capital, ease costs on the market, and bring relief to consumers.

This comes as the 60-day grace period for price adjustments—introduced following the cedi’s appreciation—has expired.

GUTA’s Public Relations Officer, Joseph Paddy, explained that price stability has now held for more than eight months, well beyond the usual business cycle, and traders who refuse to adjust may lose out.

“This stability has lasted for over eight months now, which is well beyond the usual three-to-four-month business cycle. Typically, when you travel, it takes about a month; shipping your goods takes another month; and clearing can take up to a month as well—so, in all, a three-to-four-month cycle,” he said.

He warned that keeping old or near-expiry stock at inflated prices could push traders out of business.

“We believe that if you are still holding old stock, while new stock has already entered the market, you risk losing out. If you don’t position yourself as a businessperson and continue holding onto old prices, you could run out of business because competitors with new products will reduce their prices,” he cautioned.

On May 14, 2025, GUTA and the Association of Ghana Industries (AGI) jointly announced a 60-day window for businesses to adjust prices in line with the cedi’s appreciation. The announcement followed a high-level meeting with the Minister for Trade and Industry, Elizabeth Ofosu-Adjare, after public pressure mounted for market prices to reflect the stronger currency.

The cedi currently trades at about GH₵10.40 to the dollar. While many goods remain unchanged in price, GUTA and AGI explained that older stock, purchased at higher exchange rates, has delayed adjustments.

GUTA President Joseph Obeng has since urged government to maintain the currency’s stability, assuring that traders will adjust prices as new stock arrives.