Trade Minister Urges Abossey Okai Spare Parts Dealers To Cut Prices Further
The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has called on spare parts dealers at Abossey Okai to further reduce prices to reflect Ghana’s improving macroeconomic conditions.
According to the Minister, the sustained appreciation of the cedi has significantly lowered foreign exchange pressures on imports, creating room for downward price adjustments. She noted that the exchange rate has strengthened from about GH¢17 to the US dollar in 2024 to below GH¢12, easing the cost of importing spare parts.
She also pointed to recent fiscal policy measures, including the removal of the COVID-19 levy in the 2026 Budget, which is expected to reduce import duties and the overall tax burden on imported goods, including automotive spare parts.
Speaking to the media after engaging spare parts dealers at Abossey Okai, Madam Ofosu-Adjare observed that prices of some spare parts and related items have already declined, an indication of improving cost conditions. She, however, stressed that some traders are yet to fully adjust their prices to reflect the gains made by the cedi.
The Minister reaffirmed government’s commitment to exchange rate stability, fiscal consolidation and broader macroeconomic reforms, urging traders to pass on these benefits to consumers through more competitive pricing in the coming months.
“In 2024, the dollar went up to about GH¢17, but now it is under GH¢12. There should be no justification for prices to remain the same or increase,” she said. She added that this marked her fifth engagement with traders and recalled that earlier discussions in 2025 led to noticeable price reductions in food items and some spare parts within four months.
Madam Ofosu-Adjare acknowledged that about 80 per cent of traders she interacted with at Abossey Okai had already reduced their prices, a claim she said was corroborated by commercial drivers present at the engagement. She expressed optimism that further reductions would occur, particularly with the removal of the COVID-19 levy, which is expected to lower import duties.
“From February or March, I expect prices to be even better than what we are seeing now,” she stated.
The Minister also advised vehicle owners to purchase spare parts directly from dealers instead of relying on intermediaries, noting that middlemen often inflate prices and distort market signals. She encouraged consumers to shop around and, where necessary, engage mechanics directly with dealers to ensure fair pricing.
Additionally, she assured stakeholders that government would engage Sprinter bus spare parts dealers to address their concerns as part of efforts to improve efficiency and fairness across the automotive spare parts value chain.
Meanwhile, Chairman of the Abossey Okai Spare Parts Dealers Association, Henry Okyere Jnr., pledged continued efforts to ensure members adjust prices in line with prevailing market conditions.
“We are moving from store to store to educate our members to understand that the dollar is now stable and duties have come down, so prices must also come down,” he said, adding that the impact of the adjustments should become clearer within the next 30 days.
