The Abossey Okai Spare Parts Dealers Association has urged the incoming Mahama-led administration to introduce policies aimed at strengthening the cedi against the dollar.
The Association highlights that the current exchange rate of GH₵14.50 per dollar is negatively impacting the importation of spare parts, causing an increase in costs for its members.
Takyi Addo, the Association’s Director of Communications, shared with Citi News that stabilizing the cedi would help lower the costs of offshore purchases and improve profit margins for its members.
“We’re not asking for the cedi to return to GH₵1, GH₵2, or GH₵3; what we need is stability in the exchange rate. A stable dollar would help strengthen the economy,” Addo said. He emphasized that the association imports goods from countries such as the UK, US, Canada, and Asia, and the fluctuating dollar rate erodes their revenue and capital.
“So the moment you stabilise the cedi, at least you can compete with the exchange rate. That means you are going to get more profits. Goods and services are going to be cheaper. But if you can’t control your local currency and the dollar is going higher, the system is going to be more expensive because now you can’t buy anything.”
The Association further urged President-elect John Dramani Mahama to fulfil his campaign promise of introducing a fixed rate policy for imported vehicle consignments.
“The fixed rate is very huge and we don’t intend to put pressure on him, but at least from the first to second year, he should be able to implement, I hope John Mahama is going to do that. We’re going to see significant improvements in our industry.”
