The leadership of the Ghana Union of Traders Association (GUTA) has mounted a strong defence of the current pricing practices of its members, insisting that they have responded positively to the appreciation of the Ghanaian cedi.
Appearing before Parliament’s Committee on Trade, Industry and Tourism, GUTA President Dr Joseph Obeng and other executives addressed recent public concerns about price levels, condemning what they described as negative speculation surrounding the sustainability of the cedi’s recent gains. They cautioned that such commentary creates uncertainty and makes it difficult for traders to confidently implement price reductions.
Dr Obeng highlighted how the strengthening of the cedi has already started to influence import pricing positively, particularly in sectors like poultry.
“The poultry industry – we say we import poultry products. Now, the chicken that we bring in, they are imported; they are not bred here. Because of the strength of the cedi, we are going to get it at a cheaper rate. The feed is also imported, so once the feed is also imported, and the exchange rates have improved dramatically, it also means that the price of the feed is going to go down, and we are going to be able to sell the poultry at a cheaper price to compete,” he explained.
He further noted that the global competitiveness of Ghanaian goods is crucial, especially as traders increasingly venture into production.
“Traders, I must say, are moving into production. About 20 of us want to migrate from trading into manufacturing to help boost the productivity of the country. That’s very important. So when we want to boost our industries, it means that we have to do everything to create the enabling environment for our product to be competitive so that we can sell it in the global market. That’s all that it means.”
He also referenced the shift toward a 24-hour economy, noting, “We must think about the 24-hour economy, where most of our businesses are paying attention to now.”
He warned that overpricing local products due to forex-related cost pressures could make them uncompetitive internationally. “If we produce and we overprice our produce because of some of these forex rates and all that, our produce are higher, it means that we cannot sell in the global market in this era of tariffs and all that. This is a gain for us – that we can enter the global market.”
Deputy Minister for Trade, Industry and Agribusiness, Sampson Ahi, commended traders who have already adjusted their prices in line with the cedi’s appreciation.
“I want to also thank the actors in the buy-and-sell industry for heeding the call. It’s close to two months since the GUTA leadership issued a statement to their members to reduce prices to commensurate with the levels of appreciation the cedi has gained. I want to commend you highly for that patriotism,” he said.
The Bodi MP assured the business community that the government is committed to working with them to ensure the consuming public benefits from the stronger cedi.
“The government has confidence in you and we are ready to collaborate with you. We understand your situation. It will be reduced certainly, but it will be a gradual process, and we believe that it has already started. We pray that there will be certainty in the cedi appreciation so that you will help us to plan and to be able to forecast so that it will help businesses to grow. So we also want to add our voice in urging all the players to heed your appeal so that we reduce prices, so that consumers can also benefit,” he added.
Source: www.kumaismail.com
