The Abossey Okai Spare Parts Dealers Association in the Greater Accra Region has directed its members to reduce prices of spare parts owing to the reduction of prices of goods due to the appreciation of the cedi.

They noted that such a decision will provide some economic relief to members of the general public.

“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,” said the Chairman of the Association, Mr Henry Okyere Jnr.

The Ghana cedi has been recognised by Bloomberg as the world’s best-performing currency, having appreciated nearly 16% against the US dollar since April.

The average interbank rates used by commercial banks for transactions at the close of business, 15th May, show the US dollar buying at GH₵12.39 and selling at GH₵12.40. The British pound is buying at GH₵16.46 and selling at GH₵16.48. The euro is currently being bought at GH₵13.85 sold at GH₵13.87.

Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has assured that the days of sharp and unpredictable swings in the value of the Ghanaian cedi are gradually fading, crediting this to improved inflows and ongoing reforms in the foreign exchange market.

In a related event, the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has revealed that Ghanaian importers have expressed willingness to adjust prices on their items, following the stability of the cedi.

While engaging with the Ghana Union of Traders Association (GUTA), Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG) on Wednesday, May 14, the Minister noted that the reduction would be a gradual process.She clarified that price adjustments for goods and services are determined by traders and not the government, but the power to liaise between consumers, traders, and manufacturers.“The meeting has been fruitful and we have said that the government does not have the power to control prices, but it has the power to negotiate with our stakeholders to ensure traders, manufacturers, and consumers to ensure that they take advantage of opportunities when they happen.

“I am happy to inform you that the direct importers have agreed to reduce their prices, some have already started that. We have also heard from GUTA and AGI that it is good that the Cedi has stabilised but they need a bit of time for it to reflect in the prices. It will happen gradually,” she stated.