The Ghana Union of Traders’ Associations (GUTA) has attributed persistently high prices of some goods to soaring shop rents and steep interest rates, despite the recent stabilization of the cedi.
In an interview on Nhyira FM’s Kro Yi Mu Nsem with host Barima Kofi Dawson, Ashanti regional GUTA Chairman, Anthony Oppong, acknowledged that many traders have yet to reduce prices, explaining that currency stability is only one factor influencing pricing decisions.
“We’ve thanked the President for the stable cedi, but there are other issues that need attention,” he said.
Oppong pointed to landlords frequently increasing rent fees as a major challenge.
“A shop I rented in 2014 for ten years cost ¢20,000 and was up for renewal in 2024. Instead of the same rate, the owner asked for ¢50,000 for just five years. That means I have to budget even more for the next renewal,” he explained, adding that unpredictable rent hikes make pricing planning extremely difficult.
He also highlighted that while headline interest rates have fallen, many rural banks and microfinance institutions continue to charge around 25 % on loans, limiting the benefit to traders.
On the broader issue of high prices abroad, Oppong noted that production had dropped sharply during the COVID‑19 pandemic, a factor that continues to affect costs globally.
He appealed to Ghanaians to recognize that traders are consumers too.
“We are equally consumers just like you, and we are in this together, so don’t label us ‘wicked people’ over pricing,” he stated.
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