By John Guamah Amanor
President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has urged members of the Association to strike reasonable averages on goods bought during the worst stage of the cedi to mitigate losses.
Dr. Obeng said the move is necessary because goods in stock were bought at higher prices during the cedi depreciation.
“When the exchange rate was going down, those of us who have already bought at higher price because, it is unfortunate and we will suffer the fate of it. And that is why we are appealing that average be strike,” he emphasised.
Speaking in an interview on GBC’s Uniiq Breakfast Drive today, Dr. Joseph Obeng said forex is the key component of pricing because both duties and goods are charged in dollars. This, he said, accounts for the hike in the price of goods anytime there is local currency depreciation.
“Forex is the key component of our pricing because both duties and goods are charged in forex,” he said.
Dr. Joseph Obeng is pleading with government to sustain the cedi’s appreciation against the dollar. This, he said, will cushion traders from losses that come as a result of exchange rates.
Responding to a call from the public to reduce the price of goods, Dr. Joseph Obeng said that it is a natural sequence that when the exchange rate goes down or up, the Association follows suit. Dr. Joseph Obeng maintained that because Ghana is not under a price control regime, the association can only plead with its members.
GUTA has also, in a press release, lauded the Government and the Bank of Ghana for their efforts in stabilising the Cedi and urged more to be done to sustain the program and bring relief to the business community.
