The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has renewed calls on spare parts dealers at Abossey Okai to further reduce prices, pointing to the sustained appreciation of the cedi and improving macroeconomic conditions.
The Minister made the appeal after holding discussions with traders at the busy spare parts hub, stressing that the strengthening of the local currency has significantly reduced foreign exchange pressures on imports and should be reflected in retail prices.
She noted that the exchange rate has improved markedly from about GH¢17 to the dollar in 2024 to roughly GH¢12, creating space for meaningful price adjustments in the spare parts market. In addition, she cited fiscal relief measures in the 2026 Budget, particularly the removal of the COVID-19 levy, which she said would lower import duties and overall costs for dealers.
According to Madam Ofosu-Adjare, there is little justification for prices to remain high or increase under the current economic conditions. She disclosed that her engagement at Abossey Okai formed part of a series of market visits, marking her fifth interaction with traders across the country.
She recalled that similar engagements in 2025 resulted in commitments from traders to review prices as the cedi stabilised, adding that about 80 per cent of dealers at AbosseyOkai have already reduced prices. This, she said, was confirmed by consumers, including drivers who accompanied her during the visit.
However, the Minister acknowledged that some dealers are yet to fully adjust their prices and urged them to align with the prevailing economic realities. She expressed optimism that further reductions would be recorded in the coming weeks, especially as the scrapping of the COVID-19 levy takes effect.
Madam Ofosu-Adjare also advised vehicle owners to avoid middlemen when purchasing spare parts, cautioning that intermediaries often inflate prices and give dealers at AbosseyOkai a negative reputation. She encouraged buyers to deal directly with shop owners, compare prices, and negotiate for better value.
She assured that government will sustain engagements with stakeholders across th e automotive spare parts value chain, including Sprinter bus spare parts dealers, to promote efficiency and fair pricing.
Meanwhile, Chairman of the Abossey Okai Spare Parts Dealers Association, Henry Okyere Jnr., said the association is actively educating its members on the need to adjust prices in response to the stable exchange rate and reduced duties. He indicated that the association expects to see clearer outcomes within the next 30 days.
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