Parliament Summons GUTA, Industry Leaders Over High Prices Despite Cedi Gains

Parliament’s Committee on Trade, Industry, and Tourism has summoned the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), the Spare Parts Dealers Association, and other key industry groups over their reluctance to reduce prices of goods and services.

The summons follows growing public pressure for price cuts, fueled by the strengthening of the Ghanaian cedi and a recent decline in fuel prices. Despite these positive economic indicators, many businesses have yet to lower their prices, arguing that existing stock—purchased when costs were higher—must be sold first.

Parliament, however, is demanding accountability. Committee Chair Alexander Gabby Hottor-Dze acknowledged that while some price reductions have been observed, they fall short of expectations.

“There has been price reduction in some quarters, but these are not commensurate with the impact of the appreciation of the cedi,” he said.

Explaining the purpose of the engagement, he added, “The Committee on Trade, Industry, and Tourism called for this meeting to understand why businesses and service providers are hesitant to lower prices, assess the broader economic implications, and explore solutions.”

Stakeholders from major industry groups were invited to participate in the discussions aimed at finding a path forward.

Last month, the Abossey Okai Spare Parts Dealers Association instructed its members to lower prices—an initiative expected to benefit consumers and possibly influence transport fare adjustments. GUTA also signaled willingness to reduce prices in light of the cedi’s performance.

However, many consumers report that prices on the market remain stubbornly high, raising questions about the effectiveness of these promises and prompting Parliament to intervene.Tools