Vehicle owners and transport operators are likely to see a reduction in the prices of spare parts in the coming days as the Abossey Okai Spare Parts Dealers Association in the Greater Accra Region has instructed members to slash prices.

The association instructed its dealers to take this action following significant gains by the cedi in relation to other major international currencies, especially the dollar.

This action is likely to bring relief to consumers, with the expectation of a reduction in transport fares, as the majority of the parameters that determine the cost of goods and services continue to decline.

This has been possible due to geopolitical events in the last few weeks weakening the dollar and significant strides by the Mahama government to stabilise the local currency.

The association has praised the government for taking bold and decisive steps to strengthen the local currency, such as an increase in reserves and increased gold exports through the newly created Godbod.

“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,” said the Chairman of the Association, Mr Henry Okyere Jnr.

He further entreated all members to abide by the directive to cut prices of goods in stock.

This is expected to reinforce their collective commitment to fair pricing and market stability.

Prior to the cuts, the Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, engaged traders and encouraged them to adjust prices to reflect the latest developments.

Speaking on The Pulse on JoyNews a week ago, the Minister explained that Ghana operates a liberal market system where the government does not fix prices.

“We all know that in Ghana, we don’t control prices, and so the government cannot really push price reduction on them. But because we work together, we can always discuss and see how the stable cedi will benefit both consumers and traders,” she stated.

She pointed out that traders have often increased their prices when the dollar goes up, so it is only fair for them to adjust prices now that the cedi has appreciated.
“If the dollar is this stable and has appreciated this much, I think that we need to regroup and see the way forward,” she stated.

Madam Ofosu-Adjare praised the Ghana Union of Traders Association (GUTA) for taking the initiative to engage its members on possible price reductions. “I commend GUTA for even taking the step to prevail on the traders to reduce the cost of their goods. So I think at that meeting, we will brainstorm and come to a very good conclusion which will benefit both traders and consumers,” she said.