The Ghana Union of Traders Association (GUTA) has urged its members to adapt prices to reflect the exchange rate and positively respond to the changing trend in inflation.
This comes after the Ghana Statistical Service (GSS) on April 12 announced a sharp drop in the national inflation from 52.8 percent in February to 45.0 percent in March 2023.
On the back on this and some relative stability in the exchange rate, GUTA has encouraged traders to react by adjusting the prices of goods towards a downward trend.
“In light of this, GUTA entreats all members of the business community to respond positively to the changing trend and adjust prices to reflect the exchange rate”
“Indeed, we are very appreciative of the government’s efforts and hope that it will bring relief to businesses and lead to the economic transformation we all cherish and desire as a nation,” President of GUTA, Dr Joseph Obeng said in a statement issued on April 12, 2023.
GUTA further acknowledged the efforts of the government and the Bank of Ghana which has resulted in the recent developments.
The Association however urged government to work towards further strengthening the local currency against other major trading currencies.