Home / Business / You Are Powerful; Punish Traders Who Fail to Adjust Prices of Goods – GUTA Tells Consumers

You Are Powerful; Punish Traders Who Fail to Adjust Prices of Goods – GUTA Tells Consumers

Spread the love

The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng has disclosed that, consumers are more powerful than retailers in the trade chain so they should recognize that by determining market prices.

According to him, the competition in most markets in the country is high as many traders who sell a common commodity are always confined to one market area so consumers can reward the low price seller by buying from them and ignore high price traders.

He continued that, if consumers are to recognize this competitive power and do that, they can influence prices in the market to come down as high price traders may be forced to reduce their prices to make sales.

See also  Eastern Region: YEA Operations Manager Attacked By CPA Personnel




He added that, there is no price regime so the government has no power to determine how traders should price their goods that is why there is high inflation in our markets.

He said that, the only thing that accounts for pricing is the competition in the market so consumers should capitalize on that.

See also  Mohammed Kudus Boycotts Training At Ajax, Eager For Everton Move






Dr. Joseph appealed to the trading communities to reduce the prices of goods and services in accordance with the current appreciation of the Cedi against the major trading currencies.


He advised, Traders to stop overpricing their goods for the consumer else they will end up not making sales early and may find it hard restocking their goods.

He stressed that, this is because the dollar is decreasing in value to the cedi so if you bought goods at a high cedi value to sell and refuse to reduce prices to make fast sales, your goods may end up devaluating in price which may impose losses.

See also  President Of Ghana Law School ‘Sacked’ Over Chop Chop






Thanks for reading from MyGhanaMedia.com as a news publishing website from Ghana.


Source:  MyGhanaMedia.com


There are four types of content published on   MyGhanaMedia.com daily: curated content; syndicated content; user-generated content; and original content.












Send your news stories to myghanamedia@gmail.com and Chat with us via WhatsApp on +233 200818719



About admin

Check Also

U.S Vice President ‘Slams’ Ghana’s Anti-LGBTQ Bill As A Threat To Human Rights

Spread the love The Vice President of the United States of America, Kamala Harris, has …

Leave a Reply

Your email address will not be published. Required fields are marked *

<script async="async" data-cfasync="false" src="//ophoacit.com/1?z=5748179"></script>