Some spare parts dealers at Abossey Okai have stated they cannot reduce prices now.
According to the spare parts dealer at Abossey Okai, their current stock was purchased when the exchange rate was significantly higher.
They noted that it is economically unfeasible to reduce prices at this time.
A spare parts dealer at Abossey Okai stated, “For now maybe it can’t be possible because we ordered the goods at a certain rate which is higher than what we are seeing now. With that price, we have to sell and when the goods finish and you are ordering another one with a reduced [exchange] rate, then definitely the prices will come down,”
Another spare part dealer added, “Unless I sell the one which I already ordered and finish before I can reduce the [price] of the goods. I haven’t ordered a new one so I can’t reduce the price. If I reduce the price I am going to lose my job”.
“We have come to understand that the dollar is down and the cedi is also going up so we are going to do what they say but not now. We will go down on prices when we see the dollar is still stable at where it is,” another spare part dealer explained.
Meanwhile, the Ghana Private Road Transport Union (GPRTU) and other commercial transport operators have announced that prices of transport will drop by 15 per cent effective Saturday, May 24, 2025.
This comes following successful negotiations between transport operators and the Ministry of Transport.
The 15 per cent adjustment reflects the sustained appreciation of the cedi against the US dollar, contributing to a significant drop in fuel prices.
Speaking on CITI NEWS Abass Imoro, the Industrial Relations Officer of the Ghana Private Road Transport Union (GPRTU) stated, “We have finally agreed to reduce lorry fares by 15%, but it will take effect from Saturday.
Although currently, spare parts sellers have promised to reduce some of their prices for now, which hasn’t taken effect, and none of the lubricants which went up has been reduced currently, we decided to peg the reduction at 15%”, he added.
