Transport fares are set to decline by 15% starting May 24, 2025, following successful negotiations between transport operators and the Ministry of Transport.
The fare adjustment reflects recent macroeconomic developments, including a sustained appreciation of the cedi against the US dollar, which has contributed to a notable drop in fuel prices.
The development also comes in the wake of a directive from the Abossey Okai Spare Parts Dealers Association, urging its members to reduce the prices of auto parts in response to the improved exchange rate.
Industrial Relations Officer of the Ghana Private Road Transport Union (GPRTU), Abass Imoro, confirmed the fare reduction in an interview with Citi News, describing it as a timely measure to align with ongoing market trends and ease the financial burden on commuters.
“We have finally agreed to reduce lorry fares by 15%, but it will take effect from Saturday. Although currently, spare parts sellers have promised to reduce some of their prices for now, which hasn’t taken effect, and none of the lubricants which went up has been reduced currently, but we decided to peg the reduction at 15%.”