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.
She pointed to the sustained appreciation of the cedi as a major factor, noting that the exchange rate has strengthened from about 17 cedis to the US dollar to roughly 12 cedis, significantly easing foreign exchange pressures on imports and creating room for lower prices.
The Minister also highlighted recent fiscal measures, including the removal of the COVID-19 levy in the 2026 Budget, which she said would reduce import duties and the overall tax burden on imported spare parts.
Speaking to the media after engaging dealers at Abossey Okai, Elizabeth Ofosu-Adjare said prices of some spare parts and related items had already declined, an indication that improved cost conditions are beginning to reflect in the market.
She reaffirmed government’s commitment to exchange rate stability, fiscal consolidation and sustained macroeconomic gains, urging traders to pass on these benefits fully to consumers through more competitive pricing.
Recalling her engagements with traders, the Minister said dealers had previously agreed to adjust prices as the cedi strengthened, a promise many have honoured. She acknowledged that about 80 per cent of traders she interacted with had reduced their prices, with drivers confirming the improvements, although a few were yet to fully reflect the gains.
“With the dollar now under 12 cedis, there should be no justification for prices to remain the same or increase,” she said, adding that the removal of the COVID-19 levy would further lower import duties and drive prices down. She expressed optimism that from February or March, prices would improve further.
The Minister also advised vehicle owners to buy spare parts directly from dealers rather than through middlemen, noting that intermediaries often inflate prices and distort the market. She encouraged buyers to shop around and, where necessary, engage mechanics directly in price discussions to secure better deals.
Meanwhile, Chairman of the Abossey Okai Spare Parts Dealers Association, Henry Okyere Jnr., pledged continued efforts to ensure members adjust prices in line with prevailing market conditions. He said the association is educating its members on the stability of the cedi and reduced import duties, urging them to reflect these gains in their pricing.
He indicated that within the next 30 days, consumers should see further price reductions across the market.
