The Abossey Okai Spare Parts Dealers Association has announced that prices of vehicle spare parts have begun to decline, with further reductions expected before the end of the year and into 2026. The development follows recent engagements led by the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu Adjare, involving the leadership of the Ghana Union of Traders Association (GUTA), spare parts dealers and transport operators. The discussions, held last Thursday in Accra, focused on addressing persistent price irregularities and significant price hikes recorded in major markets over recent months. The association’s Head of Communications, Takyi Addo, said a crucial meeting has been scheduled this week with importers and retailers to negotiate additional price cuts that could extend into next year. “Some prices have already been reduced, but more needs to be done. The reductions we expect are not yet fully visible. From now until the end of the year, more prices will drop, and in 2026, we anticipate a 9.9 percent reduction in our surplus industry,” Addo said. He noted that the association has intensified education for retailers and strengthened engagement with importers to help stabilize prices across the market. “We are now talking to importers because most of the people in the market are retailers; the importers are very few,” he added. The minister stressed that maintaining stable spare parts prices was critical for economic stability, especially given the link between spare parts costs and national transport fares. Ofosu Adjare reaffirmed the government’s commitment to ensuring fair pricing, transparency and stability within the trading and transport ecosystem. Deputy Minister of Finance Thomas Nyarko Ampem, who joined the minister at the meeting, stressed the need for unions to reduce prices of goods and services in line with the recent stabilization of the cedi. He urged stakeholders to ensure that improved exchange rate conditions reflected in their pricing. Representatives from the association explained that while prices of many car parts had reduced in recent months, parts for Sprinter buses in particular remained high due to increased demand and limited supply. Spare parts dealers also highlighted the role of intermediaries in pricing challenges. They said many transport owners do not buy directly from Abossey Okai or the parts dealers, but rather through mechanics and middlemen, popularly known as Affairs, who inflate costs and create the impression of a market wide surge. The Ghana cedi improved against the US dollar from about 15.80 cedis in November 2024 to 11.07 cedis on the interbank market as of Friday, November 22, 2025. The cedi became the best performing currency in sub Saharan Africa for the first eight months of 2025, appreciating by 37 percent as of October 17, according to the World Bank. In May 2025, the Abossey Okai Spare Parts Dealers Association issued a directive urging members to reduce auto parts prices in response to the improved exchange rate, though implementation has been uneven across the market. Association Chairman Henry Okyere Junior emphasized at the time that the move reflected commitment to supporting national economic recovery efforts while ensuring spare parts remain affordable for consumers. However, many dealers resisted the call, arguing that their current stock was purchased when the exchange rate was significantly higher, making it economically unfeasible to reduce prices immediately. Transport unions announced a 15 percent fare reduction in May 2025 following cedi appreciation and fuel price drops, but later implemented a 20 percent increase in August, citing the fact that spare parts prices had not declined correspondingly. The association says continuous collaboration between traders, importers and government will be key in sustaining affordability for motorists and reducing the cost burden on transport operators. Stakeholders agreed to establish a joint platform to address concerns quickly and avoid public disputes. Elizabeth Ofosu Adjare was nominated by President John Dramani Mahama on January 16, 2025, and approved by Parliament on January 22, 2025. She is a lawyer, international relations expert and business executive with over 20 years of experience in legal practice and advocacy. She represents the Techiman North constituency in Parliament and has served on several high profile boards, including as former Board Chair of Cocoa Merchant Company Limited.