Business

Spare parts dealers instructed to slash prices to reflect cedi gains

Published

1 year 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

“Don’t Wait For Government Employment; Create Your Own Jobs” – GUTA

Published

1 month ago

April 28, 2026

AladdynKing

Vice President of the Ghana Union of Traders Association (GUTA), Joseph Paddy, has urged young people to shift focus from waiting for government jobs and instead embrace self-employment and opportunities within the private sector.

Speaking at Channel One TV’s Quarterly Economic Outlook on Monday, April 27, he stressed that job creation is not limited to the public sector, noting that the private sector offers multiple opportunities for individuals willing to take initiative.

He encouraged job seekers to develop skills and explore emerging opportunities in areas such as communication, marketing, public relations, and digital services.

“Don’t wait for the government to employ you. Employ yourself,” he stated, adding that many roles in the modern economy are created by private initiative rather than government recruitment.

According to him, the private sector remains the main engine of growth and offers broader opportunities for young people who are willing to be proactive.

“The private sector is the engine of growth. When you are a private sector person, you can do everything. You can have more than one job,” he said.

citinewsroom.com

Business

Ghana On Track For IMF Programme Exit As Final Review Commences

Published

1 month ago

April 28, 2026

AladdynKing

Ghana’s engagement with the International Monetary Fund is entering its final phase, with the government expressing confidence that the country is on track to complete its ongoing program and exit on schedule after sustained policy implementation.

A staff mission from the International Monetary Fund is expected in Accra this week for the sixth and final review under Ghana’s three-year Extended Credit Facility arrangement, ahead of a planned conclusion of the program in August 2026 following a technical extension.

The mission will assess recent macroeconomic performance, including fiscal consolidation, inflation trends, debt management, and structural reforms, while engaging key stakeholders across government, the central bank, and civil society.

Speaking to Citi Business News, Technical Advisor at the Ministry of Finance and economist, Theo Acheampong, said the outlook remains broadly positive, with Ghana having largely met program commitments.

He noted that the final mission will essentially take stock of progress already achieved under the Extended Credit Facility.

“So there’s a mission that is planned for this week. We are now going to be undertaking the sixth and final review of the $3 billion extended credit facility that we entered into in 2023,” he said.

Dr. Acheampong added that performance under the program has been broadly satisfactory, with key reforms and targets largely delivered.

“What is very clear from the fifth review is that we have met most of those program targets,” he stated.

He further stressed that there is strong confidence in a positive outcome from the final assessment, pointing to progress on structural benchmarks, fiscal measures, and tax reforms.

“We are looking forward to a very positive outcome in terms of the Fund’s final review in Ghana and the conclusion of the programme,” he added.

The IMF team is expected to compile its findings after engagements in Accra and submit a report to its Executive Board in Washington, paving the way for Ghana’s programme completion, subject to final approval.

citinewsroom.com

Business

Fuel Prices Set To Drop From Jan 1, 2026 On Cedi Strength And Falling Crude Prices

Published

5 months ago

January 1, 2026

AladdynKing

Prices of petroleum products are expected to decline marginally at the pumps from January 1, 2026.

The projection is contained in the latest outlook report by the Chamber of Oil Marketing Companies (COMAC), which guides pricing decisions by oil marketing companies and has been sighted by JoyBusiness.

Projected Reduction

The price of petrol is expected to fall by between 2.40% and 4.80%, bringing the pump price per litre to about GH¢11.90.

Diesel is projected to decline by as much as 3.77%, which could see a litre selling at around GH¢12.50.

Liquefied Petroleum Gas (LPG) is also expected to drop by up to 2.19%, resulting in a kilogram selling at approximately GH¢13.40.

Reasons

According to the Chamber of Oil Marketing Companies, the expected reduction has been influenced mainly by declining prices of crude oil and finished petroleum products on the international market.

Market data show that international refined product prices fell significantly during the period, with petrol down 9.17%, diesel down 8.11%, and LPG down 3.82%.

The cedi has also strengthened against the US dollar, appreciating by more than 3% over the past three weeks.

For the January 1, 2026, pricing window, the local currency rose from GH¢11.14 to GH¢10.50 to the dollar, representing an 8.20% gain.

This marks one of its strongest performances in recent months, and a sharp improvement from the GH¢14.84 recorded during the same period last year.

More than 200 Oil Marketing Companies have told JoyBusiness they will begin reducing prices from this weekend after completing the necessary adjustments at the pumps.

Others say the changes could take effect as early as Monday.

Some marketers have also indicated that further reductions could follow if the cedi continues to appreciate or remains stable against the dollar.

myjoyonline.com