The Ghana Union of Traders Association (GUTA) has admomished its members to reduce prices on existing inventory to facilitate clearance and make room for new imports.
GUTA noted that this measure will release capital, alleviate market costs, and provide relief to consumers.
The directive follows the expiration of the 60-day price adjustment grace period, introduced subsequent to the cedi’s appreciation.
According to Public Relations Officer Joseph Paddy, price stability has persisted for over eight months, exceeding the typical business cycle, and traders who decline to adjust prices may forfeit sales.
“This stability has lasted for over eight months now, which is well beyond the usual three-to-four-month business cycle. Typically, when you travel, it takes about a month; shipping your goods takes another month; and clearing can take up to a month as well—so, in all, a three-to-four-month cycle,” he said.
He added “We believe that if you are still holding old stock, while new stock has already entered the market, you risk losing out. If you don’t position yourself as a businessperson and continue holding onto old prices, you could run out of business because competitors with new products will reduce their prices”.
By: Rainbowradioonline.com/Ghana