Business

Spare parts dealers instructed to slash prices to reflect cedi gains

Published

2 months ago

May 18, 2025

Vehicle owners and transport operators are likely to see a reduction in the prices of spare parts in the coming days as the Abossey Okai Spare Parts Dealers Association in the Greater Accra Region has instructed members to slash prices.

The association instructed its dealers to take this action following significant gains by the cedi in relation to other major international currencies, especially the dollar.

This action is likely to bring relief to consumers, with the expectation of a reduction in transport fares, as the majority of the parameters that determine the cost of goods and services continue to decline.

This has been possible due to geopolitical events in the last few weeks weakening the dollar and significant strides by the Mahama government to stabilise the local currency.

The association has praised the government for taking bold and decisive steps to strengthen the local currency, such as an increase in reserves and increased gold exports through the newly created Godbod.

“We pledge our full collaboration with the government to sustain this positive trend and ensure further appreciation of the Cedi, bringing much-needed economic relief to Ghanaians,” said the Chairman of the Association, Mr Henry Okyere Jnr.

He further entreated all members to abide by the directive to cut prices of goods in stock.

This is expected to reinforce their collective commitment to fair pricing and market stability.

Prior to the cuts, the Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, engaged traders and encouraged them to adjust prices to reflect the latest developments.

Speaking on The Pulse on JoyNews a week ago, the Minister explained that Ghana operates a liberal market system where the government does not fix prices.

“We all know that in Ghana, we don’t control prices, and so the government cannot really push price reduction on them. But because we work together, we can always discuss and see how the stable cedi will benefit both consumers and traders,” she stated.

She pointed out that traders have often increased their prices when the dollar goes up, so it is only fair for them to adjust prices now that the cedi has appreciated.
“If the dollar is this stable and has appreciated this much, I think that we need to regroup and see the way forward,” she stated.

Madam Ofosu-Adjare praised the Ghana Union of Traders Association (GUTA) for taking the initiative to engage its members on possible price reductions. “I commend GUTA for even taking the step to prevail on the traders to reduce the cost of their goods. So I think at that meeting, we will brainstorm and come to a very good conclusion which will benefit both traders and consumers,” she said.

myjoyonline.com

Business

Inflation For June 2025 Slows Significantly To 13.7%

Published

1 day ago

July 2, 2025

AladdynKing

The year-on- year Inflation for the month of June 2025 has slowed significantly to 13.7 percent from the 18.4 percent posted in May 2025.

This is sixth consecutive decline in inflation for this year and the lowest since December 2021.

According to the data released by the Ghana Statistical Service in Accra today, July 2, 2025, the decline, was influenced by significant slowdown in the general price levels of foodstuffs and items

The Government Statistician, Dr. Alhassan Iddrisu noted that the development shows that the pressures driving inflation over the past months are declining.

For the first time in a while, the general price levels from May to June this year dropped, recording what a deflation of 1.2 percent.

According to the Ghana Statistical Service the move could mean that Ghanaians paid less for goods and services for the month of June 2025 compared to May 2025.

Dr. Iddrisu, said “the downward inflationary trend over the last 6 months provides some consistency and assurance of real sustained shift in prices.”

The Upper West region recorded the highest regional inflation of 32.3% largely caused by food inflation and utilities while the Bono region recorded the lowest of 8.4%.

Dr. Iddrisu further called for the use granular data to ascertain the disparity in regional inflation to achieve reduced inflation in the regions.

Food inflation dropped by 6.5 percentage points to 16.3% down from 22.8% in May while non-food inflation dropped by 3 percentage points 11.4%.

myjoyonline.com

Business

BoG Issues Warning To Banks And Public Over 10 Unlicensed Money Transfer Services

Published

6 days ago

June 27, 2025

AladdynKing

The Bank of Ghana (BoG) has issued a strong caution to the public, banks, dedicated electronic money issuers (DEMIs), and enhanced payment service providers (EPSPs), urging them not to engage in any transactions with ten money transfer organisations that are operating in the remittance and foreign exchange markets without the necessary regulatory approval.

The entities involved include Ace Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and Izi Send.

“By this notice, all market players are reminded of the above directives and entreated to comply accordingly”, a statement released by the BoG on June 27, 2025, said.

The BoG emphasized that any institution that fails to adhere to this directive will face strict sanctions, which may include the revocation of its operating license.

“Approved money transfer organisations are reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all the guidelines in respect of their operations”.

The statement further clarified that Section 3.1 of the Foreign Exchange Act, 2006 (Act 723) stipulates: “a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act”.

It also referenced Section 15.3 of the same Act, which provides that “each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorised dealer.”

“The Public, Banks, Dedicated Electronic Money Issuer (DEMI) and Enhanced Payment Service Providers (EPSP) are by this Notice cautioned to desist from dealing with any of these institutions”.

Unapproved-Money-Transfer-Organisation-MTOs-Operating-in-the-Remittance-and-the-Ghana-Forex-Market Download

Business

Electroland Ghana announces further price reductions as cedi strengthens

Published

3 weeks ago

June 10, 2025

AladdynKing

Electroland Ghana Limited has announced a major price reduction on its goods following the continued appreciation of the cedi against major currencies.

This move, made in line with its “Cedi Apicki Apicki” promotion, comes shortly after a previous price reduction, which was also prompted by the cedi’s strengthening.

Addressing journalists at a press conference on Monday, June 9, the Head of Marketing & Media Relations at Electroland Ghana, Adiza Ibrahim, stated that customers across the country would benefit from a double price reduction on all products.

“We are entreating the general public across Ghana that this additional discount tech prices is for everybody,” she said

She further emphasised that the company has not authorised any third party to request or receive electronic payments, cautioning customers to beware of fraud.

“We have not entrusted any third party to take mobile money payment on behalf of Electroland before their items are supplied to them. I am entreating the general public to be cautious,” she emphasised.

Electroland Ghana Limited is a leading distributor of Midea, TCL, and Nasco electronics in Ghana.

citinewsroom.com