The appreciation of the local currency could make imported goods cheaper, potentially leading to lower prices.
However, traders in Ghana believe that this factor alone cannot override other considerations.
Recently, the Ghanaian cedi has appreciated against major foreign currencies, prompting calls from the Ghanaian public for price reductions on imported goods.
The Ghana Union of Traders’ Associations (GUTA), through its President, Dr. Joseph Obeng, issued a press release calling on its members to reduce prices for their goods due to the appreciation of the Ghanaian cedi against major foreign currencies such as the US dollar, euro, and pound sterling.
Traders, like many economists, understand that exchange rate fluctuations significantly affect import prices, making it essential for businesses to monitor exchange rates and adjust their pricing strategies accordingly.
For traders in Kumasi Central Market, Adum, and Ashtown, reducing prices at the moment will be difficult because their current stock was bought when the exchange rate was higher.
They believe the appreciation of the Ghanaian cedi could be short-lived, hence their reluctance to reduce prices.
In an interview with press1news.com Wednesday, May 14, 2025, the traders admitted that once they purchase new stock at lower exchange rates, they will sell accordingly.
By Thomas Awuah Asem
Kumasi
