Economist Prof. Patrick Asuming has attributed traders’ hesitation to reduce prices to a lingering distrust in the stability of the Ghanaian cedi, despite recent gains.
Speaking to ABC Midday News, he stated, “The cedi has appreciated for about three weeks… they are probably watching to see if it will be sustained,” referencing past episodes of sharp fluctuations that traders have experienced.
His comments come at a time when the Ghana Union of Traders’ Associations (GUTA) is urging members to adjust prices in line with the cedi’s strengthened position against major currencies.
GUTA, in a statement signed by its President, Dr. Joseph Obeng, described the recent appreciation of the cedi as a “significant gain” and encouraged traders to help ease the burden on consumers by recalibrating their prices.
The union emphasized that the trend driven by improved forex inflows and policy interventions should reflect in fairer market pricing to support national recovery efforts.
GUTA believes such pricing adjustments would not only improve affordability but also rebuild trust between traders and the public.
While GUTA’s call has been widely publicized, Prof. Asuming’s analysis suggests that a more sustained appreciation of the cedi might be necessary to influence widespread price changes.
Traders, he implied, are acting out of caution given the currency’s volatile past. As the cedi continues to show signs of resilience into May 2025, the coming weeks could prove pivotal in determining whether pricing patterns across the market will shift in favour of consumers.
Ruth Sekyi – ABC News GH
