TRADE MINISTER ELIZABETH OFOSU-ADJARE CALLS FOR LOWER SPARE PARTS PRICES AS CEDI GAINS STRENGTH
Ghana’s Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has issued a direct appeal to spare parts dealers at the Abossey Okai market, urging them to lower prices in response to the recent appreciation of the Ghana cedi against the US dollar.
The minister made the call during a working visit to the commercial hub on Monday, January 12, 2026, accompanied by local government officials. She emphasized that the significant strengthening of the cedi, which has seen the exchange rate improve from approximately GH¢17 to under GH¢12 per dollar, should make imports more affordable.
“The cedi is stronger and the dollar is stable. You are importing at a good rate, so prices should reflect the strength of the cedi,” Ofosu-Adjare stated.
Compliance and Remaining Challenges
The visit marked the minister’s fifth engagement with traders since early 2025, following a period of currency stabilization. She noted that after initial discussions, dealers were given a four-month period to adjust their pricing.
During the visit, the minister interacted with several shop owners who had already reduced prices. Notable examples cited included engine oil, which dropped from GH¢600 to GH¢350, and Bosch batteries, which fell from GH¢1,700 to GH¢1,200.
While acknowledging that about 80% of traders had complied with the call for price reductions, the minister noted that a minority were yet to reflect the currency gains. “I am confident that when I return, I will see further improvement,” she said, expressing optimism that additional price drops would follow the recent removal of the COVID-19 levy and expected reductions in import duties.
Advice to Consumers and Market Reforms
In her address, the Trade Minister advised vehicle owners and drivers to purchase spare parts directly from registered dealers rather than through middlemen, who she said contribute to price inflation.
“Please buy the parts yourselves. Middlemen inflate prices and give Abossey Okai a bad name,” she urged, encouraging consumers to shop around for the best deals in the free market.
To address this issue, the minister announced plans to establish a police post at the market entrance to monitor the activities of middlemen. She also encouraged the leadership of the spare parts dealers association to set up a customer service post to guide buyers to shops offering fair prices.
Association Response
The Chairman of the Abossey Okai Spare Parts Dealers Association, Henry Okyere, confirmed that the majority of traders had responded positively to the minister’s advocacy.
“Our people here in Abossey Okai have reduced their items by about 80 percent,” Okyere stated. He provided further examples of price reductions, including engines that had fallen from GH¢25,000 to between GH¢15,000 and GH¢18,000.
Okyere acknowledged that approximately 10% of traders were yet to comply but assured that association executives were conducting shop visits to educate members, targeting full compliance within the next 30 days. He echoed the minister’s caution against dealing with middlemen, urging consumers to negotiate directly with shop owners to benefit from the stable currency and reduced duties.
Source:NKONKONSA.com
