Abossey Okai spare parts dealers announce impending price hike

The Abossey Okai Spare Parts Dealers Association has announced a potential price increase starting next week, attributing the move to the cedi's depreciation.

Customers should brace for higher costs for spare parts and related services. Amid the ongoing volatility of the local currency, businesses are expressing significant concerns.

In an interview, some spare parts importers, who preferred to remain anonymous, mentioned that they now have to pay more to import the same quantity of goods, compelling them to raise their prices.

Takyi Addo, the Head of Communications for the Association, stated that the prices of spare parts are expected to rise in the coming week.

"Definitely, we are going to experience a price increase because, in Ghana, we don't export; we import. So, the moment there is a dollar-cedi differential that affects the local currency, the prices will inevitably go up... We will see different prices from now to next week," he explained.

He added that, despite the impending price surge, the Association does not have the authority to set spare parts prices; that responsibility lies with the individual dealers.

The troubles of the Ghana cedi may not be over, as market watchers predict it could reach between 15 and 16 cedis to the dollar by the end of the year.

Bloomberg, a renowned financial and media company, has also forecasted a further depreciation of the Ghana cedi by year's end. This prediction aligns with Bloomberg’s projection that the cedi could depreciate to GH¢15.98 against the dollar.

During a visit to some forex bureaus on Wednesday, May 15, it was revealed that the dollar is trading between ¢14.90 and ¢15.00 on the forex market.