The Ghana Union of Traders Association (GUTA) has robustly justified its members’ pricing approaches following the recent strengthening of the cedi, while unveiling ambitious plans to transition into manufacturing to bolster local production.
Appearing before Parliament’s Trade Committee, GUTA leadership dismissed concerns about delayed price reductions as “negative speculation,” insisting the currency’s appreciation will soon translate into cheaper goods.
GUTA President Dr. Joseph Obeng explained the economic mechanics at play: “The poultry industry – we say we import poultry products. Now, the chicken that we bring in, they are imported; they are not bred here.
“Because of the strength of the cedi, we are going to get it at a cheaper rate. The feed is also imported, so once the feed is also imported, and the exchange rates have improved dramatically, it also means that the price of the feed is going to go down.” He emphasized this would ultimately lead to more competitive pricing for consumers.
In a significant strategic shift, the traders’ body revealed about 20 members are preparing to move into manufacturing.
“Traders, I must say, are moving into production,” Dr. Obeng stated. “About 20 of us want to migrate from trading into manufacturing to help boost the productivity of the country.
“That’s very important. So when we want to boost our industries, it means that we have to do everything to create the enabling environment for our product to be competitive so that we can sell it in the global market.”
The parliamentary appearance comes amid public frustration that the cedi’s 20% appreciation since January hasn’t immediately lowered prices.
GUTA maintains that inventory cycles and supply chain factors cause inevitable delays, but assures consumers will soon benefit from reduced import costs, particularly for key commodities like poultry and animal feed.
