The President of the Ghana Union of Traders Association (GUTA), Clement Boateng, has called on traders and businesses to reduce prices and allow consumers to benefit from the cedi’s recent appreciation.
Speaking on Joy News’ PM Express on Monday, Mr. Boateng said the refusal by some businesses to adjust prices downward was not just unfair, but deliberate.
“I see the action of not wanting to reduce prices as a deliberate issue,” he said, describing the situation as one where a trader may refuse to lower the price of bread, “irrespective of the fact that the commodity, some of the commodities that he’s using to bake the bread… has gone down.”
According to him, such behavior reflects a troubling attitude among some Ghanaians who refuse to allow others to benefit from improved economic conditions.
“And I see that as an attitude of some Ghanaians that, irrespective of whatever situation that we find ourselves, we will not let our compatriots also enjoy the gains that we have made,” he said.
Mr. Boateng stressed that the cedi’s appreciation is no longer in dispute and that the business community has benefited from it.
“It is an undeniable fact that the cedi has appreciated for quite some time. And the business community has made some gains,” he said.
For that reason, he believed traders have a responsibility to reflect those gains in pricing.
“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 whether the price reductions have actually happened, the GUTA President responded that the trend was real across the market, although some traders still refuse to comply.
“It has happened across board. Yes, across board. But you see, as we say, we have bad nuts in every community,” he said.
He warned that traders who stubbornly maintain high prices risk losing out in an increasingly competitive market.
“People have made up their minds that they will not reduce their prices. But I pity those people, because the market that we are in is a very, very competitive market,” he said.
Mr. Boateng explained that trading is built on turnover, and any trader who sits on stock out of greed could end up damaging their own business.
“The business that we do, we use facilities in doing the business, and businesses thrive on turnover,” he noted.
He added that refusing to reduce prices would only benefit competitors who adjust faster and sell more.
“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 warned.
“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.
Mr. Boateng insisted that “overall, prices have already begun to fall and that this is reflected in inflation trends.”
“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.
Explaining the concept, he said that inflation was linked to the value consumers get from their money.
“What does inflation mean? Inflation simply means having a purchasing value of your money on either goods or services,” he stated.
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