GUTA President insists prices have dropped despite public skepticism

President of the Ghana Union of Traders’ Associations (GUTA), Clement Boateng, says prices of goods across the country have generally declined, warning that traders who fail to reflect the reductions risk losing business.

Speaking on Joy News’ PM Express on Monday, Mr Boateng attributed the downward trend to the sustained appreciation of the cedi, noting that the improved exchange rate has eased costs for importers and traders.According to him, the benefits gained by the business community must be shared with consumers, but some traders have deliberately chosen not to adjust their prices despite falling input costs.“I see the refusal to reduce prices as a conscious decision by some people,” he said, adding that certain traders continue to charge high prices even when the cost of the goods they deal in has declined.

Mr Boateng argued that the issue reflects a broader attitude in the marketplace rather than genuine business constraints.“Some people, regardless of the situation, will not allow others to enjoy the gains that have been made,” he stated.He stressed that there is no longer any uncertainty about the cedi’s performance, describing its appreciation as consistent over a period of time.“It is an undeniable fact that the cedi has appreciated for quite some time,” he said, insisting that traders have already benefited from this development.“As a business community, we have made gains, and those gains must be passed on to consumers so they can also feel some relief,” he added.

When pressed by the host on whether prices had actually fallen, Mr Boateng was categorical.“It has happened across the board — yes, across the board,” he maintained.He, however, acknowledged that there are traders who refuse to comply, describing them as a minority within the trading community.“There are bad nuts in every community. Some people have simply made up their minds not to reduce prices,” he said.

Mr Boateng cautioned that such an approach is risky in a highly competitive market, where businesses depend heavily on turnover and credit facilities.“Our market is extremely competitive. Businesses survive on turnover, and most traders rely on facilities to operate,” he explained.He warned that traders who hold on to higher prices will inevitably lose customers to competitors who sell faster, restock quickly, and grow their businesses.“If you choose to sit on your goods and refuse to reduce prices, you do so at your own expense,” he said.

He further pointed to the downward trend in inflation as evidence that prices are easing across the economy.“Prices have generally gone down, and that is reflected in the decline we are seeing in inflation,” he noted, explaining inflation as the purchasing power of money in relation to goods and services.

Mr Boateng concluded by reiterating that consumers are already benefiting from lower prices in the market.“If we are talking about prices of goods, I can say clearly that they have generally come down,” he said.