Some traders in the Central Business District of Accra, specifically Opera Square, say they have reduced the prices of goods.
JoyNews’ Hannah Odame in an interaction with some traders found that the reduction in prices is in response to calls by the Ghana Union of Traders Associations (GUTA).
GUTA, in a press release signed by its President, Dr Joseph Obeng, appealed to the business community to adjust prices of goods and services accordingly, to make the consuming public feel the impact of this positive trend of the cedi.
This follows the Ghana cedi gradually reaching the ¢12 to the dollar mark.
According to the traders, they are heeding the calls of their president.
In an interview with JoyNews, a trader said the price of their goods is determined by the dollar rate. Therefore, when the cedi stabilises, they are able to reduce the goods.
“Prices of some of the products have been reduced. Cable for instance, when the dollar was 15 cedis it was higher, now they have reduced some of them,” a trader said.
Another trader also stated that, “we have reduced our goods about 35% now. Things we were selling at GH¢350 are now going for GH¢280.”
Meanwhile, the Ghana cedi has continued to strengthen against the US dollar and all other major foreign currencies, as signs of a possible Staff-Level Agreement between the government and the International Monetary Fund by tomorrow, December 13, 2022, loom.
The local currency is trading currently at GH¢12.50 to the US dollar.
