Trade Minister engages GUTA, transport operators over soaring spare parts prices despite Cedi gains

The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has held a high-level meeting with the leadership of the Ghana Union of Traders Association (GUTA), spare parts dealers, and commercial transport operators to address persistent price irregularities and recent hikes in spare parts across major markets.

The engagement, held in Accra on Thursday, November 11, follows an earlier meeting with transport operators who raised concerns that unstable spare parts prices are affecting transport fares and worsening the cost of living.

Transport operators complained that despite the cedi’s steady appreciation against the dollar over the past nine months, the cost of spare parts continues to rise, placing significant financial strain on the sector.

In response, the Minister invited GUTA, the Abossey Okai Spare Parts Dealers Association, and commercial transport operators to help identify the root causes of the persistent price hikes. Representatives explained that although prices of many car parts have dropped in recent months, parts for Sprinter buses remain high due to increased demand and limited supply, which have pushed market prices upward.

Deputy Minister for Finance, Thomas Nyarko Ampem, who was also present, stressed the need for unions to reduce the prices of goods and services in line with the recent stabilization of the cedi. He urged stakeholders to reflect improved exchange rate conditions in their pricing structures.

The spare parts dealers further revealed that many transport owners do not buy directly from Abossey Okai but rather through mechanics and middlemen—popularly known as “Affairs”—who significantly inflate prices. This, they said, creates a misleading impression of market-wide price increases. They advised the general public to buy directly from accredited dealers to ensure quality and fair pricing.

Madam Ofosu-Adjare reaffirmed government’s commitment to promoting fair pricing, transparency, and stability within the trading and transport ecosystem. She noted that the government is working to streamline trade policies, enhance market monitoring, and eliminate price distortions to protect consumers while supporting businesses.

Stakeholders agreed to establish a common platform to address concerns and grievances promptly without resorting to media confrontations. The Minister reiterated her open-door policy, emphasizing that it is unnecessary and unfair for groups to channel their concerns through the media when direct engagement is readily available.

She emphasized that maintaining stable spare parts prices is essential for economic stability, particularly because of the direct link between spare parts costs and national transport fares.