Some spare parts dealers at Abossey Okai are pushing back against calls to reduce prices, citing the higher exchange rates at which they purchased their current stock. This comes in the wake of the recent appreciation of the Ghanaian cedi against the U.S. dollar.
The Abossey Okai Spare Parts Dealers Association has urged its members to align their pricing with the cedi’s improved performance. However, many dealers argue that it is not economically feasible to reduce prices until they are able to restock at the current, more favourable exchange rates.
Speaking to our news team, a dealer at Abossey Okai, said, “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.”
Another dealer, shared similar concerns. “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.
Other dealers also indicated that while they are aware of the cedi’s recent gains, they are adopting a wait-and-see approach. “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,” he said.
For now, many dealers insist that any adjustment to prices will only happen after their current stock is depleted and they are able to purchase new stock at the prevailing exchange rate
