Ghana's Cedi Strengthens: Spare Parts Dealers to Cut Prices

Abossey Okai Spare Parts Dealers Urged to Cut Prices as Ghanaian Cedi Strengthens Accra, Ghana – The Abossey Okai Spare Parts Dealers Association, a major player in Ghana's auto parts market, has called on its members to reduce prices in response to the recent strengthening of the Ghanaian cedi against the US dollar. This move is expected to bring relief to consumers who have been grappling with high prices for vehicle spare parts. "The statement just came out a couple of hours ago," said Takyi Addo, Director of Communications for the Association, in an interview with JoyNews. "In Nigeria, for instance, I bought a part last week for $1000, which was 1.6 million Naira. Bringing that same amount back to Cedis is 80,000 Cedis. So clearly our Cedi is performing." He emphasized that the association is encouraging, not forcing, members to reduce prices, acknowledging the financial hardships faced during periods of currency depreciation. The price reduction, expected to take effect immediately, is a welcome development for many Ghanaians. The government's efforts to stabilize the economy and the cedi's performance are contributing factors to this positive change in the spare parts market. The hope is that this will contribute to overall price stability across various goods and services in the country.