Despite the recent appreciation of the Ghanaian cedi against the U.S. dollar, many spare parts dealers at the popular Abossey Okai market in Accra are holding firm on current prices, resisting calls to lower them.
The resistance comes in contrast to a directive from the Abossey Okai Spare Parts Dealers Association, which has encouraged members to reflect the stronger cedi in their pricing. However, dealers on the ground argue that slashing prices now would be economically unsustainable, as their current stock was purchased when the exchange rate was much higher.
“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, echoed this concern. “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.”
While the cedi’s rebound is seen as a positive sign, many dealers are adopting a wait-and-see approach, preferring to observe whether the currency’s strength holds before adjusting their pricing.
“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.”
As consumers hope for relief in spare parts pricing, dealers remain cautious, balancing the pressure to reduce prices with the need to stay afloat in a volatile currency environment.
