Abossey Okai Spare Parts Dealers Directed to Reduce Prices Amid Cedi Gains

Dealers Urged to Reflect Currency Appreciation in Pricing

The Abossey Okai Spare Parts Dealers Association has instructed its members to reduce the prices of spare parts to align with the recent appreciation of the Ghanaian cedi against major international currencies, particularly the US dollar.

This directive aims to pass on the benefits of the strengthened cedi to consumers, potentially leading to reduced transportation costs and overall economic relief. The Association’s Chairman, Mr. Henry Okyere Jnr, commended the government’s efforts in stabilizing the local currency and emphasized the importance of fair pricing in the current economic climate.

Government and Industry Collaboration

The initiative follows discussions between the Ministry of Trade and Industry and various trade associations, including the Ghana Union of Traders Association (GUTA).
Trade Minister Elizabeth Ofosu-Adjare highlighted the government’s commitment to a liberal market system and encouraged traders to adjust prices in response to the cedi’s performance.

Economic Context

The cedi’s appreciation has been attributed to a combination of domestic policy reforms and favorable global economic conditions. Notably, the Bank of Ghana’s Gold for Reserves initiative has bolstered foreign exchange reserves, while fiscal reforms under the IMF program have enhanced investor confidence.

Also Read: Fair Wages Boss Proposes Hourly Pay System to Boost Casual Worker Incomes