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0 The President of the Ghana Union of Traders’ Associations (GUTA), Clement Boateng, says the cedi’s appreciation has brought real gains to the business community and should be reflected in lower consumer prices.
Speaking on Joy News’ PM Express on Monday, Mr Boateng criticised traders who are refusing to cut prices despite a drop in the cost of some inputs, describing the situation as deliberate.
“I see the action of not wanting to reduce prices as a deliberate issue… irrespective of the fact that the commodity… that he’s using… has gone down,” he said.
Using bread pricing as an example, the GUTA President argued that some traders and producers appear unwilling to allow fellow Ghanaians benefit from the improved market conditions.
“I see that as an attitude of some of Ghanaians that, irrespective of whatever situation we find ourselves in, we will not let our compatriots also enjoy the gains that we have made,” he stated.
Mr Boateng stressed that the cedi’s appreciation has lasted long enough to produce measurable results for businesses.
“It is an undeniable fact that the cedi has appreciated for quite some time. And the business community has made some gains,” he said.
He insisted that those gains should not remain with traders and importers alone, but must be passed on to consumers.
“So definitely, the gains that we have made, we are supposed to also pass it on to the consumer, for the consumer to also enjoy a bit of what has happened in the marketplace,” he added.
When asked directly whether price reductions are occurring across the market, Mr Boateng responded affirmatively, though he acknowledged that some traders remain stubborn.
“It has happened across board. Yes, across board. But you see, as we say, we have bad nuts in every community. People have made up their mind that they will not reduce their prices,” he said.
He warned that such traders may ultimately pay the price in a highly competitive market environment where turnover determines survival.
“The market that we are in is a very, very competitive market. The business that we do… thrives on turnover,” he said.
Mr Boateng argued that any trader who refuses to adjust prices risks losing customers and being overtaken by competitors.
“So if you sit behind your goods… and you will say you will not reduce it for the consumer… you do so at your own expense,” he cautioned.
He explained that traders who reduce prices sell faster, restock quicker, and keep their businesses running.
“Your neighbour will sell fast and then bring in more goods to make the turnover that he wants, and his business will thrive, and then you will sit beside your goods, and will not make any sales,” he said.
The GUTA President maintained that the overall price reduction is already reflected in the inflation trend, which has shown signs of easing.
“So I can tell you for a fact that generally, prices have gone down. And that is why inflation also seems to be going down,” he said.
Mr Boateng also attempted to simplify inflation for the public, linking it to the purchasing power of money.
“What does inflation mean? Inflation simply means having a purchasing value of your money on either goods or services,” he explained.
He concluded by reiterating that prices have generally fallen and that traders must not stand in the way of consumers benefiting from the cedi’s improved performance.
“And I can tell you clearly that… prices of goods… have generally come down,” he said.
