2025 not the first time GUTA is calling for price cuts over cedi gains — Dr. Gideon Boako

Member of Parliament for Tano North, Dr. Gideon Boako

The Member of Parliament for Tano North, Dr. Gideon Boako, has debunked claims that 2025 is the first time the Ghana Union of Traders Association (GUTA) has called for a reduction in prices in response to the appreciation of the cedi.

In a statement dated May 11, the Ghana Union of Traders’ Associations urged its members to pass on the gains of the stronger currency to consumers.

“The Ghana Union of Traders’ Associations (GUTA) wishes to appeal to the trading community to adjust prices of goods and services to share the significant gains made by the appreciation of the cedi against the major trading currencies and bring some relief to the consuming public,” the statement signed by GUTA President, Dr. Joseph Obeng, read.

Reacting to this development in a social media post on Monday, May 12, Mr. Franklin Cudjoe noted that this was the first time in Ghana’s recent economic history that GUTA had made such an appeal.

“For the first time in Ghana’s recent economic history, the fiercest trade association, GUTA, called on traders to reduce prices to respond to a relatively better management of the currency and overall economic discipline,” he wrote on X.

However, in a rebuttal on the same day, Dr. Boako, who previously served as the spokesperson to the Office of the Vice President under Dr. Mahamudu Bawumia, cited similar calls in previous years to dispute the claim.

“Why do I get the sense that partisanship propaganda is taking away the best part of some people? This year, 2025, is not the first time in eight years or whatever that GUTA is asking traders to respond positively to economic gains or cedi appreciation.

“In April 2023, when there was about 10% appreciation in the cedi, GUTA issued a similar statement. In fact, they had done the same thing in 2020 and 2022 also,” he wrote.

Meanwhile, Mr. Cudjoe acknowledged his error in a follow-up post but maintained that the 2022 call did not yield the intended results, as the cedi sharply depreciated toward the end of that year.

“However, I noticed that the very month—December 2022—in which the GUTA directive was published, Ghana recorded the highest-ever inflation rate of 54.1% in a little over two decades. So, what happened to the GUTA directive? Did any of you experience a decrease in prices of goods?” he quizzed.