The Abossey Okai Spare Parts Dealers Association has indicated a potential price increase set to take effect next week, attributed to the depreciation of the cedi.
Customers are advised to anticipate higher costs for spare parts and associated services.
This decision to raise prices comes amidst the continued volatility of the local currency, prompting significant apprehension within the business community.
Speaking anonymously to Citi Business News, some importers of spare parts noted that they now face the challenge of paying more cash to import the same quantity of goods.
Consequently, they find themselves compelled to raise prices accordingly.
Takyi Addo, the Head of Communications for the Association, conveyed that the prices of spare parts are projected to climb in the forthcoming week.
He noted that, while prices are expected to rise, the Association lacks the authority to set prices for spare parts; this responsibility rests with the dealers.
The challenges facing the Ghana cedi may persist, with analysts projecting it to reach between 15 and 16 Ghana cedis per dollar by year-end.
Bloomberg, a reputable financial and media entity, has forecasted further depreciation of the Ghana cedi by year-end.
This forecast aligns with Bloomberg’s prediction that the cedi could reach GH¢15.98 against the dollar.
A survey of several forex bureaus on Wednesday, May 15, revealed that the dollar is trading between ¢14.90 and ¢15.00 in the forex market.