By: Benjamin Nii Nai Anyetei
The Ghana Union of Traders’ Associations (GUTA) has clarified its stance on the pricing of goods in the country, stressing that the Union does not issue directives for price reductions but only offers advice to traders.
Speaking on the GTV Breakfast Show, the President of GUTA, Mr. Joseph Obeng, explained that prices of imported goods have generally adjusted as expected in line with government statistics. He noted that the Government Statistician has confirmed this trend, adding that the main drivers of current inflation are domestic food items rather than imported products.
According to data from the Ghana Statistical Service (GSS), inflation eased to 26.2% in July 2025, down from 27.5% in June. The GSS further indicated that food inflation accounts for nearly 47% of the overall rate, with domestic staples such as maize, yam, and vegetables driving the surge. Imported inflation, by contrast, recorded lower increases, reflecting more stable import prices.
“We haven’t given any directive to anybody to reduce his or her prices. No, we cannot direct, but we can only advise,” Mr. Obeng said.
He further clarified a recent misunderstanding surrounding a statement by one of GUTA’s PROs. The PRO had advised traders, particularly those dealing with perishable goods, to consider reducing prices to avoid losses if items risk spoiling. Mr. Obeng emphasised that this was only an advisory remark and not a directive from the Union.
Mr. Obeng also pointed to other cost pressures, including Value Added Tax (VAT) and statutory import duties. Ghana currently charges a standard VAT rate of 15%, with additional levies bringing the effective rate on imports closer to 19%, according to the Ghana Revenue Authority (GRA).
On the exchange rate front, he highlighted the forex challenge, noting that many traders are unable to access dollars from mainstream commercial banks and are instead forced to rely on the parallel market. Data from the Bank of Ghana show that as of mid-August, the Ghana cedi was trading at around GH¢11.90 to the US dollar in the retail market, compared to GH¢10.65 on the interbank market, creating distortions for importers.
Mr. Obeng concluded that the prices of goods and services in Ghana are ultimately determined by market forces, and GUTA’s role is limited to advocacy and providing guidance to its members.
