Members of the Ghana Union of Traders Association (GUTA) have been asked to reduce the prices of their outdated inventory in order to clear out inventory and make room for fresh imports. The move will help consumers, lower market costs, and unlock capital, according to the Association.
The 60-day grace period for price changes, which was instituted after the cedi’s appreciation, has ended.
Joseph Paddy, the public relations officer for GUTA, clarified that traders who do not adapt risk losing out because pricing stability has now persisted for over eight months, far beyond the typical economic cycle.
“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He cautioned that storing outdated or almost-expired inventory at exorbitant pricing would force traders out of business.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.
A 60-day period for companies to modify their prices in accordance with the cedi’s appreciation was jointly announced by GUTA and the Association of Ghana Industries (AGI) on May 14, 2025.
Following increasing public demand for market prices to reflect the stronger currency, the announcement was made after a high-level meeting with Elizabeth Ofosu-Adjare, the Minister for Trade and Industry.
At the moment, the cedi is worth roughly GH₵10.40 to the US dollar.
GUTA and AGI noted that older stock, bought at higher exchange rates, has delayed changes, even if the prices of many goods have remained stable.
Source: newsthemegh.com