Spare Parts Prices to Drop as Cedi Gains
Spare Parts Prices to Drop as Cedi Gains Strength Under Mahama
The Abossey Okai Spare Parts Dealers Association has instructed all of its members to immediately lower spare part prices in response to the recent strengthening of the Ghanaian cedi relative to the US dollar. Under President John Dramani Mahama’s new administration, this policy aims to reduce consumer financial burdens and support national economic stability.
The Greater Accra Region-based Association, which is a significant supplier of auto parts, praised the current administration for its aggressive efforts to fortify the local currency and win back investor and consumer trust in Ghana’s economy.
Chairman Mr. Henry Okyere Jr. spoke on behalf of the Association, praising the government’s economic policy and reaffirming their willingness to back measures that maintain the cedi’s rising trend. “The Mahama administration’s attempts to stabilise the cedi and lessen inflationary pressures have our utmost support. We think it is reasonable to pass on the advantages of the cedi’s appreciation to the general population in the form of lower prices,” he said.
Mr. Okyere underlined that all spare parts merchants must follow the instruction to lower prices, cautioning that doing otherwise would jeopardise the group’s commitment to reasonable pricing and consumer comfort. In addition to providing financial relief to car owners and mechanics, the group thinks this action will help stabilise the nation’s transportation costs overall.
The public has reacted favourably to the decision, particularly those who have been directly impacted by price volatility in previous years, such as drivers and transport company operators. This achievement is a part of a larger national effort to connect market practices with macroeconomic advancements in order to support economic recovery and raise the standard of living for Ghanaians.
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