Joseph Paddy is GUTA’s Public Relations Officer
The Ghana Union of Traders Association (GUTA) has urged traders to reduce prices on older stock to remain competitive in the market.
According to the Public Relations Officer of GUTA, Joseph Paddy, businesses that refuse to adjust prices on old inventory may lose out, as competitors with newer products are already offering lower prices.
He explained that the stability of the local currency – the cedi – over the past eight months has exceeded the typical three-to-four-month business cycle.
Reducing prices on older stock, he added, would help ease the financial burden on consumers.
Cedi now sells at GH¢10.65 to $1 on interbank market
“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.
“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,” Paddy stated.
Paddy urged traders to be responsive to market dynamics and consumer needs, especially in light of recent economic pressures.
By adjusting prices on older inventory, traders cannot only support struggling consumers but also maintain relevance and profitability in a competitive retail landscape.
His advice comes amid growing calls for price reductions across various sectors, as consumers continue to grapple with high living costs despite relative macroeconomic stability.
SA/AE
How Virtual Reality is enhancing business and customer experience