The Abossey Okai spare parts dealers refuse to decrease price’s of their stocks

        Prices of goods are to be reduced due to the depreciation of the Ghanaian cedi against U.S dollars.The Abossey Okai spare part dealers are refusing to decrease prices of their goods despite the recent appreciation of the Ghanaian cedi against the U.S. dollar.

     The dealers stressed on the facts that their goods were purchased when the exchange rate was significantly higher, making it economically unfeasible to decrease prices at this time.“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,” said Francis Appiagyei, a spare parts dealer at Abossey Okai.“Unless I sell the one which I already ordered and finish before I can reduce the [price] of the goods. I haven’t ordered a new one so I can’t reduce the price. If I reduce the price, I am going to lose my job,”Yaw Ansong another dealer stated.

          For others, price reductions may come—but only if the cedi’s performance remains stable over time.“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,” Eric Osei Danso explained.This stance contrasts with a directive from the Abossey Okai Spare Parts Dealers Association, which has urged members to adjust prices in line with the cedi’s recovery.

         The sudden reduction of the U.S dollar has brought unexpected joy to every Ghanaian in the country.The reduction of prices was supposed to follow.This idea stirred up reactions from spare parts dealers.This was because they claim they had purchased their stocks at a high price before the reduction was initiated.As a result,reducing their prices will cause them a huge loss. Until they sell their already purchased goods,there will be no reduction of their prices.

      Currently several dealers have explained that price reductions would only be possible once they are able to restock at the current, more favourable exchange rates.