By The Abossey Okai Spare Parts Dealers Association has announced plans to raise prices starting next week in response to the depreciation of the cedi.
Customers should prepare for increased costs for spare parts and related services.
This decision comes amid ongoing instability of the local currency, which has raised significant concerns among businesses.
Importers of spare parts, speaking anonymously to Citi Business News, disclosed that they will need to allocate more funds to import the same quantity of items due to the currency devaluation.
They explained that this situation forces them to adjust prices accordingly.
Takyi Addo, Head of Communications for the Association, emphasized that spare parts prices are expected to increase in the upcoming week.
“Definitely we are going to experience a price increase because for Ghana we don’t do exports. We do imports. So the moment there is a dollar-cedi-differential, whenever it affects the local currency, definitely the prices will go up… We will see different prices from now to next week”.
He further clarified that while the Association lacks the authority to dictate spare parts prices, the responsibility falls on individual dealers.
Meanwhile, concerns persist over the fate of the Ghana cedi, with market observers predicting it could weaken to between 15 and 16 Ghana cedi to the dollar by year-end.
Bloomberg, a reputable financial and media firm, has forecasted further depreciation of the Ghana cedi by year-end, aligning with its projection that the currency could reach GHc 15.98 against the dollar.
A visit to several forex bureaus on Wednesday, May 15, revealed that the dollar was trading between ¢14.90 and ¢15.00 on the forex market.
