Spare dealers may not reduce prices despite cedi gains
Some spare parts dealers at Abossey Okai have noted that the current performance of the local currency is not yet enough to trigger a price reduction.
According to them, despite the gains, the cedi has not fallen to levels that demand price reductions.
They also noted that the gains began a few weeks ago, therefore, there is still old stock in their shops that need to be sold at the current price, hence a reduction may not be the best option just yet.
The dealers spoke to GhanaWeb Business’ Stella Dziedzorm Sogli about the current appreciation of the cedi against major foreign currencies, especially the dollar.
As of May 13, 2025, the cedi is selling at GH¢12.90 at some forex bureaus in Accra.
A dealer said; “We are happy that the cedi is going down but we want it to go down further. Even if it goes down to GH¢4 we would be happy. Right now, we can’t reduce prices, but if it continues, prices will go down.”
Another dealer said: “Even though the rates are coming down, it is not reflecting in the rest of the economy just yet. Dollar prices in the black market are still above GH¢13. Price reductions should be expected in the next two months. If the dollar can even come down to GH¢7, that would be fine.”
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SSD/AE