Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare has urged spare parts dealers at Abossey Okai to further lower prices, saying consumers can expect more affordable rates by February, March following the cedis sustained appreciation and the removal of Covid 19 levy, which have leased import cost and created room for price reductions. The appeal comes amid Ghana’s improving macroeconomic conditions
The Minister highlighted the cedi sustained appreciation, when speaking to the media after engaging with the dealers.
She said the exchange rate has strengthened from around GHC17 to the US dollar to around GHC12 today significantly easing foreign exchange pressure on imports, providing room for traders to adjust prices downward.
The Minister also made mention of recent fiscal policy measures, including the removal of the Covid 19 levy in the 2026 budget , which is expected to lower import cost and reduce overall tax duties on spare parts.
“In 2024, the dollar went up to $1 to 17 Cedis. Now, it’s under $12 and so there shouldn’t be any justification why prices will remain the same or go up. This is about my 5th interaction with traders at different levels. Early 2025, when the dollar started going up or down, I invited the traders and we had a conversation and they gave me up to 4 months to reduce prices.”
The Minister acknowledged that while about 80% of traders have already lowered prices, some have yet to reflect the gains of the cedi. She expressed optimism that further reductions will follow in the coming months, particularly with the removal of the COVID levy.
“In all fairness to people here in Abossey Okai, about 80% of the people I spoke to have reduced their price and I am here with some drivers and they are attesting to that. A few have not reduced their prices to reflect the gains that the cedi has made. So, we have discussed and I am excited at the reception.
“I am also grateful for the fact that they say, when I come back, I will see improvement in their prices. I also think that the prices will go down anyway because you see, now there is no COVID levy so, import duty will come down as a matter of course
“From February, March, thereabouts, I am expecting prices to even be better than what I’m seeing now. But generally, I think that their prices are good.” She added.
Source:Mybrytfmopnline.com/Tamara Owusu Ansah
