Ghanaians are expecting traders to adjust the prices of their goods and services in response to the gains recorded by the cedi against major trading currencies, particularly the United States dollar.

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President of the Ghana Union of Traders Association (GUTA) Dr Joseph Obeng, has added his voice to the growing calls; arguing that such an action will bring some relief to the Ghanaian consumers and encourage confidence in the economy.

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“The Ghana Union of Traders’ Associations (GUTA) wishes to appeal to the trading community to adjust prices of goods and services to share the significant gains made by the appreciation of the cedi against the major trading currencies and bring some relief to the consuming public,” he stated.

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The Ghana cedi has been recognised by Bloomberg as the world’s best-performing currency, having appreciated nearly 16% against the US dollar since April.

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Among those calling for a review in the pricing of goods and services is Economics Lecturer at the University of Ghana, Professor William Baah Boateng, who has cautioned that failing to align domestic prices with the cedi’s upward performance could erode public trust.

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Also, Senior Lecturer at the UCC Business School, Dr Seyram Kawor, asserts that GUTA's call for a decline in prices is on the right path, and as such, traders must comply.

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However, financial analyst Joe Jackson has cautioned Ghanaians against expecting an immediate drop in prices.

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“It will take some time. We are coming out of a national crisis,” he stated in an interview on JoyNews.

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The average interbank rates used by commercial banks for transactions at the close of business, 12th May, show the US dollar buying at GH₵13.09 and selling at GH₵13.10. The British pound is buying at GH₵17.42 and selling at GH₵17.44. The euro is currently being bought at GH₵14.74 and sold at GH₵14.85.

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Meanwhile, Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has assured that the days of sharp and unpredictable swings in the value of the Ghanaian cedi are gradually fading, crediting this to improved inflows and ongoing reforms in the foreign exchange market.

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