The Trade ministry has opened talks with key trading and transport groups as it seeks to curb persistent spare-parts price volatility that is feeding into higher transport fares and rising living costs, despite months of currency stability.
Trade, Agribusiness and Industry Minister Elizabeth Ofosu-Adjare met the leadership of the Ghana Union of Traders Association, the Abossey Okai Spare Parts Dealers Association and transport operators in Accra, following earlier complaints from transport unions that parts prices continue to climb even as the cedi has strengthened against the dollar over the past nine months.
Market leaders told the minister that while prices of several vehicle components have eased, parts for Sprinter buses remain elevated due to strong demand and limited supply. They said this tightness is preventing prices from aligning with broader trends.
Deputy Finance Minister Thomas Nyarko Ampem urged unions to adjust their pricing to reflect currency gains. He said stakeholders should ensure “prices of goods and services reflect on the improved exchange rate conditions,” warning that failure to do so distorts market expectations and magnifies pressure on households.
Parts dealers also cited the role of intermediaries in driving price misinformation. They explained that many transport owners purchase through mechanics and middlemen, widely known as “Affairs,” who inflate costs and create the impression of a market-wide surge. Dealers urged buyers to source directly from major markets to retain value and guarantee product quality.
Ofosu-Adjare said the government is working to tighten market monitoring, refine trade policies and eliminate distortions that expose consumers to unjustified price hikes. She reiterated that direct engagement remains available, adding it is “unnecessary and unfair” for groups to air grievances through the media when dialogue channels are open.
Stakeholders agreed to establish a joint platform to address concerns quickly and avoid public disputes. The minister stressed that stabilizing spare-parts pricing is essential for economic management because of its direct impact on transport fares and overall cost-of-living pressures.
