Vehicle owners and transport operators can expect some relief at the market, as the Abossey Okai Spare Parts Dealers Association has directed its members to reduce prices in response to the recent strengthening of the cedi.
The directive, issued in the Greater Accra Region, comes on the back of significant cedi gains against major foreign currencies, particularly the U.S. dollar.
The association believes this development should be reflected in the cost of spare parts to ease the financial burden on consumers.
“This move is expected to bring down transport-related costs and contribute to a general reduction in the prices of goods and services,” said the association’s chairman, Mr. Henry Okyere Jnr.
He attributed the cedi’s recent gains to favourable global currency trends and what he described as the Mahama administration’s decisive efforts to stabilise the economy.
These include increased foreign reserves and a boost in gold exports through the newly established GoldBod.
“We commend the government for taking bold steps to strengthen the cedi, and we pledge our full collaboration to sustain this progress,” Mr. Okyere added.
He urged all spare parts dealers to comply with the directive, emphasising that price cuts should apply even to goods already in stock.
The move, he said, will reinforce their commitment to fair pricing and support overall market stability.
Ahead of the announcement, the Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, held engagements with key market leaders, encouraging them to align prices with current economic trends.
The price reductions are expected to take effect in the coming days, potentially influencing a drop in transport fares and broader consumer prices as the cedi continues to stabilise.