The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has called on spare parts dealers at Abossey Okai to further reduce 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, moving from around GH¢17 to the US dollar in 2024 to about GH¢12 in 2026. She said this easing of foreign exchange pressures on imports provides room for price reductions across the spare parts market.

She also highlighted fiscal measures, including the removal of the COVID-19 levy in the 2026 Budget, which is expected to lower import duties and overall costs on spare parts.

“In 2024, the dollar went up to about GH¢17. Now it is under GH¢12, so there is no justification for prices to remain the same or increase,” she said.

Madam Ofosu-Adjare disclosed that this marks her fifth engagement with traders across various markets. She recalled that previous discussions in 2025 had led to commitments by dealers to reduce prices within four months as the cedi stabilised. She noted that about 80 percent of dealers at Abossey Okai have already lowered prices, with many consumers, including drivers accompanying her, confirming the trend.

However, she acknowledged that some traders are yet to fully adjust their prices and encouraged them to align with the improved macroeconomic conditions.

“I am encouraged by the reception and the assurance that when I return, prices will improve further. 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 said.

The Minister also advised vehicle owners to buy 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.

Madam Ofosu-Adjare 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, the 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.