Some spare parts dealers at Abossey Okai have indicated that the prices on their merchandise can not be reduced at the moment despite the rise of the cedi against the dollar and other foreign currencies.
Explaining their reason, the traders noted that they purchased their goods at a time the exchange rate was extremely high and due to that price reduction at the moment will make them increasingly huge losses.
This assertion goes contrary to the assurance from the Abossey Okai Spare Parts Dealers Association, that there will be price adjustment in line with the cedi’s recovery.
The dealers stated in an interview with Citi Business News that price adjustment can only come into fruition if they are able to restock at the current exchange rates.
Francis Appiagyei who is a spare parts dealer at Abossey Okai stressed that they ordered their goods at a time where the exchange rate was higher and it would be difficult for them to adjust their prices at the moment. According to him, it could only be fair that they sell-off their goods and make new orders at the current exchange rates, that is when prices of goods can be adjusted.
Eric Osei who is also a spare parts dealer said that they will adhere to the directives from their leaders urging them to adjust prices of their goods but not at the moment. He emphasized that the prices of their goods will only be adjusted when the cedi continues to maintain its recovery.
