Elizabeth Ofosu-Adjare, the Minister for Trade, Agribusiness and Industry, has said prices of goods and services will even be better in the coming months.
The Trade Minister cited that the exchange rate has strengthened from 17 cedis to the US dollar to around 12 cedis, adding that the scrapping of the COVID-19 levy in the 2026 Budget will lower import cost.
Speaking to the media after an engagement with spare part dealers at Abossey Okai, Trade Minister detailed, “In 2024, the dollar went up to $1 to 17 Cedis. Now, it’s under $12, and so there shouldn’t be any justification why prices will remain the same or go up. This is about my 5th interaction with traders at different levels. In early 2025, when the dollar started going up or down, I invited the traders, and we had a conversation, and they gave me up to 4 months to reduce prices.
“True to their words, after 4 months, a lot of things were reduced, especially tomatoes, rice, oil and all of those things and even some spare parts. After further discussion, we have realised that some traders have still not reduced their prices to reflect the strength in the cedi.
“In all fairness to people here in Abossey Okai, about 80% of the people I spoke to have reduced their price, and I am here with some drivers, and they are attesting to that. A few have not reduced their prices to reflect the gains that the cedi has made. So, we have discussed, and I am excited about the reception.
“I am also grateful for the fact that they say, when I come back, I will see improvement in their prices. I also think that the prices will go down anyway because you see, now there is no COVID levy, import duty will come down as a matter of course.
“From February, March, thereabouts, I am expecting prices to even be better than what I’m seeing now. But generally, I think that their prices are good,” Elizabeth Ofosu-Adjare said.
The Trade Minister further advised vehicle owners not to deal with middlemen in their acquisition of spare parts.
She argued that intermediaries and middlemen often inflate costs and distort pricing.
She added, “Do not use middlemen. I have come to know that middlemen inflate the prices for you and give the people of Abossey Okai a bad name. Let’s try it. Let’s do the purchases ourselves and see whether we will see the price decrease that they have mentioned. Right now, all the people I spoke to, even some of the Sprinter traders, have told me that they have reduced their prices, but mechanics come and give different prices.
“I am not saying all mechanics, but they have been mentioned, and so, I have to say come with your mechanic, do the discussion, and don’t go to one shop. In a free market economy, you shop around if you want good deals,” the minister advised.
Additionally, Henry Okyere Jnr, the Chairman of the Abossey Okai Spare Parts Dealers Association, has assured that sustained and coordinated efforts will be made to ensure members continue to adjust prices downward in line with market conditions.
Henry Okyere Jnr stated, “We are moving from store to store to ensure that we educate our members for them to understand that the dollar is stable now and the duties are down.
“So they should also bring their prices down so everybody can see it in the market. So we should give it about maybe another 30 days, a month to see how things are working out,” he said.