GUTA Urges Traders to Reduce Prices on Old Stock as Grace Period Ends
The Ghana Union of Traders Association (GUTA) has called on its members to slash prices of old stock to make room for new imports, warning that holding on to inflated prices could drive some businesses out of the market.
According to GUTA, the directive will free up capital, lower market costs, and provide relief to consumers, particularly as the 60-day grace period for price adjustments—introduced after the cedi’s appreciation—has expired.
Speaking in an interview, GUTA’s Public Relations Officer, Joseph Paddy, noted that price stability has now lasted more than eight months, far exceeding the usual three-to-four-month business cycle for traders.
“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 explained.
Mr Paddy cautioned that traders who fail to adjust their pricing strategy risk being pushed 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 warned.
On May 14, 2025, GUTA and the Association of Ghana Industries (AGI) jointly announced a 60-day window for businesses to review their prices in line with the stronger cedi. The decision followed a meeting with the Minister for Trade and Industry, Elizabeth Ofosu-Adjare, after mounting public calls for market prices to reflect the currency’s gains.
The cedi currently trades at about GH₵10.40 to the dollar. However, price adjustments have been slow, as traders pointed to older stock purchased at higher exchange rates.
GUTA President, Dr Joseph Obeng, has since appealed to government to sustain the currency’s stability, assuring that traders will reduce prices as new stock filters into the market.
