Trade Minister urges Abossey Okai dealers to cut prices

Trade Minister urges Abossey Okai dealers to cut prices further as cedi strengthens
The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has called on spare parts dealers at Abossey Okai to further reduce prices to reflect Ghana’s improving macroeconomic conditions, particularly the sustained appreciation of the cedi.
According to the Minister, the exchange rate has strengthened significantly—from about GH¢17 to the US dollar to around GH¢12—thereby easing foreign exchange pressures on imports and creating room for price reductions. She also cited recent fiscal policy interventions, including the removal of the COVID-19 levy in the 2026 Budget, which she said would lower import duties and reduce the overall cost of bringing spare parts into the country.
Speaking to the media after an engagement with dealers at Abossey Okai, Ofosu-Adjare noted that prices of some spare parts and related items have already declined, indicating that improved cost conditions are beginning to reflect in the market. However, she stressed that some traders are yet to fully pass on these gains to consumers.
“In 2024, the dollar rose to about GH¢17. Today, it is under GH¢12, so there should be no justification for prices to remain the same or increase,” she said, adding that this was her fifth engagement with traders across various sectors. She recalled that earlier discussions with traders in early 2025 resulted in commitments to reduce prices within four months—commitments that have largely been honoured.
“After four months, we saw reductions in prices of items such as tomatoes, rice, oil, and even some spare parts. In Abossey Okai, about 80 per cent of the dealers I interacted with have reduced their prices, and drivers here have confirmed that. A few, however, are yet to adjust their prices to reflect the gains of the cedi,” she explained.
The Minister expressed optimism that prices would decline further in the coming months, especially with the removal of the COVID-19 levy. “From February or March, I expect prices to be even better than what we are seeing now,” she added.
She also advised vehicle owners to buy spare parts directly from dealers rather than through middlemen, whom she said often inflate prices and distort market signals. Ofosu-Adjare encouraged consumers to shop around and engage dealers directly, preferably with their mechanics, to secure better deals in the competitive market.
The Minister further assured stakeholders that government would engage with Sprinter bus spare parts dealers to address their concerns as part of broader efforts to improve efficiency and ensure fair pricing across the spare parts value chain.
Meanwhile, Chairman of the Abossey Okai Spare Parts Dealers Association, Henry Okyere Jnr., assured the public that the association is actively working to ensure members align their prices with current market realities.
“We are moving from shop to shop to educate our members that the dollar is now stable and import duties have reduced, so prices must also come down,” he said. He added that the association expects further noticeable price adjustments within the next 30 days.