In Abossey Okai, spare parts dealers are resisting calls to lower prices, even as the Ghanaian cedi shows signs of recovery against the U.S. dollar. The dealers maintain that their current inventory was acquired when the exchange rate was significantly higher, leaving them with little choice but to keep prices as they are. Apexnewsgh reports
This viewpoint starkly contrasts a directive issued by the Abossey Okai Spare Parts Dealers Association, which has urged its members to adjust prices per the cedi’s recent appreciation.
Speaking to Citi Business News monitored by Apexnewsgh, several dealers articulated their refusal to cut prices, indicating that any reductions would only become feasible once they could restock their shelves at the more favorable exchange rates. “For now, 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,” explained Francis Appiagyei, a spare parts dealer in the area.
“When the goods finish and we order again with a reduced exchange rate, then definitely the prices will come down.”
Another dealer, Yaw Ansong, echoed this sentiment, emphasizing the dire implications of premature price reductions. “Unless I sell the one I already ordered and finish, I can’t reduce the price of the goods. If I reduce the price now, I am going to lose my job,” he stated.
Some dealers are open to price reductions in the future, but only if the cedi’s positive performance is sustained. “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,” said Eric Osei Danso, another dealer.
As the cedi fluctuates, the debate continues among Abossey Okai’s spare parts traders, highlighting the delicate balance between currency exchange rates and local pricing strategies.
Source: Apexnewsgh.com
