Cedi’s recent gains not enough to lower prices – Abossey Okai Spare Parts Dealers

Some spare parts dealers at Abossey Okai are resisting price cuts. This is despite the Ghanaian cedi's recent appreciation against the US dollar.

The traders say they bought their goods when the exchange rate was higher. Lowering prices now would lead to losses for them.

This stance differs from the Abossey Okai Spare Parts Dealers Association's guidance. The association has urged members to adjust prices with the cedi’s recovery.

Francis Appiagyei, a dealer, explained this situation. He said, “We ordered goods at a higher rate than now.”

He added that prices will only drop after selling current stock and ordering new items at lower rates.

Another dealer, Yaw Ansong, shared similar concerns. He stated, “I can’t reduce prices until I sell my current stock.”

He emphasized that reducing prices prematurely could jeopardize his job.

Some traders are open to future price adjustments if the cedi remains stable. Eric Osei Danso mentioned they understand the dollar is down and the cedi is up.

He said they would consider lowering prices but not immediately. They will wait until they see stability in the dollar's value.

While consumers hope for immediate relief, many dealers stress practical economics must guide pricing decisions.