Vehicle owners and transport operators are set to benefit from a potential price drop in spare parts, as the Abossey Okai Spare Parts Dealers Association in the Greater Accra Region has directed its members to lower prices in response to recent gains by the cedi against major international currencies, particularly the US dollar.
This decision aims to provide relief to consumers, with expectations that transport fares may also decrease, given the ongoing decline in key factors influencing the cost of goods and services. The cedi’s appreciation has been attributed to recent geopolitical developments that have weakened the dollar, alongside significant efforts by the Mahama government to stabilise the local currency.
The association has commended the government for its decisive measures to bolster the cedi, including an increase in reserves and enhanced gold exports through the newly established Godbod initiative. “We pledge our full collaboration with the government to sustain this positive trend and ensure further appreciation of the cedi, bringing much-needed economic relief to Ghanaians,” stated Mr. Henry Okyere Jnr, Chairman of the Association.
He also urged all members to comply with the directive to reduce prices on existing stock, reinforcing their commitment to fair pricing and market stability.
Prior to this announcement, the Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, engaged with traders to encourage them to adjust their prices in line with recent developments. Speaking on JoyNews’ The Pulse a week ago, she explained that Ghana operates within a liberal market system, meaning the government does not set prices.
“We all know that in Ghana, we don’t control prices, and so the government cannot really push price reductions on them. But because we work together, we can always discuss and see how the stable cedi will benefit both consumers and traders,” she noted.
Madam Ofosu-Adjare highlighted that traders have historically increased their prices when the dollar rises, making it only fair for them to adjust their prices now that the cedi has strengthened. “If the dollar is this stable and has appreciated this much, I think we need to regroup and see the way forward,” she added.
She also praised the Ghana Union of Traders Association (GUTA) for proactively engaging its members about potential price reductions. “I commend GUTA for taking the initiative to encourage traders to lower their prices. I believe that through our discussions, we will reach a satisfactory conclusion that benefits both traders and consumers,” she concluded.
