The President of the Ghana Union of Traders Association (GUTA), Clement Boateng, has cautioned traders and service providers against holding on to high prices despite improved market conditions, warning that such practices could drive customers away and threaten business survival.
Speaking on Joy News’ PM Express on Monday, Mr Boateng expressed concern that some businesses are reluctant to reduce prices even though input costs have declined. He described the refusal to adjust prices as deliberate, citing the example of bread sellers who maintain high prices despite lower costs of baking ingredients.
According to him, this reflects an attitude among some traders who are unwilling to allow consumers to benefit when economic conditions improve. He stressed that the cedi has appreciated for a sustained period and that the business community has already gained from the improved environment.
Mr Boateng said it is only right for businesses to pass on some of these gains to consumers. While acknowledging that price reductions have generally occurred across the market, he noted that a few traders continue to resist the trend.
He warned that such traders are harming themselves, explaining that modern markets reward fast turnover rather than rigid pricing. Businesses, he said, often depend on credit and facilities, making quick sales and restocking essential for survival.
Mr Boateng cautioned that traders who hold on to stock and refuse to price competitively risk losing out to neighbours who sell faster, restock, and grow their businesses.
He maintained that overall prices in the market have declined, a trend reflected in falling inflation figures. Simplifying the concept, he explained that inflation relates to the purchasing power of money over goods and services, adding that current evidence shows a general reduction in the cost of goods.
