The Abossey Okai Spare Parts Dealers Association in the Greater Accra Region has asked its members to reduce the prices of spare parts to reflect the gains made by the Ghana cedi against major currencies, including the United States dollar.
According to the Dealers Association, the move is to offer relief to customers and support the government’s efforts to stabilise the prices of goods and services.
The Chairman of the Association, Mr Henry Okyere Jnr, commenting on this, said, “We pledge our full collaboration with the government to sustain this positive trend and ensure further appreciation of the Cedi, bringing much-needed economic relief to Ghanaians.”
He admonished members to strictly comply with the new pricing adjustments.
Background
It would be recalled that the Ministry of Trade, Agribusiness and Industry and trade associations agreed to reduce market prices of finished goods.
The agreement reached was expected to be executed in the next two months if the cedi continues its good run against the US dollar and other major foreign currencies.
The minister in charge of the sector, Elizabeth Ofosu-Adjare, announced that all the associations have agreed to cut prices since some agencies have started reducing charges due to the gains made by the cedi.
The minister in charge of the sector, Elizabeth Ofosu-Adjare, announced that all the associations have agreed to cut prices since some agencies have started reducing charges due to the gains made by the cedi.
Addressing journalists after the meeting, Mrs Ofosu-Adjare said, “We have indicated that we do not have the power to reduce prices, but all that we have as a government is to negotiate to get the traders to bring down prices,” she pointed out.
“I am happy to announce that some of the direct importers have already begun reducing prices, and others have also agreed to reduce prices. So, we expect this to be reflected in the retail market soon. We have heard from GUTA this morning, and they have explained their concerns, which the government has also made some demands on,” she said.
She added that “We hope that the reduction of prices from the port and all that will be felt in about two months’ time or 60 days when most of the old stocks have been sold out, she added.
By: Rainbowradioonline.com/Ghana