A section of spare parts dealers at Abossey Okai has insisted on not reducing the prices of their items, despite the Ghanaian cedi gaining strength against the U.S dollar.

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

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“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.However, according to the vendors, they are yet to sell off old stock that was bought at higher prices when the depreciation of the cedi had worsened.Speaking to Citi News, a dealer, Francis Appiagyei, noted, “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.

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Another vendor, Yaw Ansong, echoed “Unless I sell the one which I already ordered and finish before I can reduce the [price] of the goods. I haven’t ordered new one so I can’t reduce the price. If I reduce the price I am going to lose my job,” he stated.

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Eric Osei Danso also explained "For others, price reductions may come—but only if the cedi’s performance remains stable over time.

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“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”.

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The dealers' stance comes amid growing calls to reduce prices as a result of the local currency's stability in recent.

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But the change is yet to reflect on goods, prompting calls for stakeholders to take action.

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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.

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However, she added that the reduction would be a gradual process.

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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 Minister made this known 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.

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As of May 13, the Ghana cedi appreciated by 16.7% against the US dollar, making it the world’s best-performing currency so far this year.

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However, Minister for Finance, Dr Cassiel Ato Forson, has cited stringent monetary policy, complemented by aggressive liquidity sterilization, and disciplined fiscal stance anchored around prudent public finance management.

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"In fact, our foreign exchange reserves at the Bank of Ghana reached a record high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule," he added.

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Bolstering these efforts, he said, included "enhanced foreign exchange inflows from gold, cocoa, and remittances, alongside a softening US dollar amid global uncertainties."

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According to Forbes, the dollar has depreciated by 8% in 2025, whereas gold prices have hiked by 23%.

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This has been reported as investors seek safe-haven assets.

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They "have significantly driven the strength of the Ghana cedi," the sector minister confirmed.

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