The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has called on spare parts dealers at Abossey Okai to further lower prices, citing Ghana’s improving macroeconomic conditions, particularly the sustained appreciation of the cedi.
Speaking to the media after engaging with traders, Madam Ofosu-Adjare noted that the exchange rate has strengthened significantly from about GH¢17 to the US dollar in 2024 to around GH¢12, easing foreign exchange pressures on imports and creating room for price reductions across the spare parts market.
She 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 overall costs on imported spare parts.
“In 2024, the dollar went up to about $1 to 17 cedis. Now it is under $12, so there shouldn’t be any justification for prices to remain the same or increase,” she stated.
Madam Ofosu-Adjare disclosed that this was her fifth engagement with traders across various markets, recalling that previous discussions in 2025 led to commitments by traders to reduce prices within four months as the cedi stabilised. She said about 80 per cent of dealers at Abossey Okai have already reduced prices, with many consumers, including drivers accompanying her, confirming the trend.
However, she noted that a few traders are yet to adjust prices fully and encouraged them to align with the improved macroeconomic conditions.
“I am excited about the reception and the assurance that when I return, prices will see further improvement. With the COVID levy now scrapped, import duties will naturally come down. From February or March, I expect prices to be even better than what we are seeing now,” she added.
The Minister also advised vehicle owners to purchase spare parts directly from dealers rather than through intermediaries, warning that middlemen often inflate prices and distort the market.
“Middlemen give the people of Abossey Okai a bad name. Come with your mechanic, discuss directly with dealers, and shop around for the best deal,” she urged.
She further pledged that the government will continue engaging stakeholders, including Sprinter bus spare parts dealers, to improve efficiency and ensure fair pricing across the automotive spare parts value chain.
Meanwhile, Chairman of the Abossey Okai Spare Parts Dealers Association, Henry Okyere Jnr., assured that the association is taking steps to sustain price reductions in line with market conditions.
“We are moving from store to store to educate our members that the dollar is stable and duties are down, so prices must also come down. Give us about 30 days to see how things work out,” he said.
