Some traders at the Abossey Okai spare-parts market in Accra have reduced the prices of their products in the wake of the New Patriotic Party’s electoral victory last week.
The traders are upbeat about business prospects in 2017, saying the economic policies tabled by the President-elect would boost their business. The policies which include the abolition of the special import levy, they suspect will positively impact their businesses next year.
This is not the first time the traders at Abossey Okai have done this. In 2001, when the NPP administration won power, the traders did same in solidarity with the Kufuor-led administration.
One of the traders Peter Osei Agyapong told Joy Business their decision to reduce the prices is partly in support of the incoming administration but more importantly, it is in expectation of a bumper market in 2017.
He dismissed assertions the high prices was to sabotage the outgoing Mahama government.
According to him, $1=¢4 under the outgoing administration which made it difficult for them to sell at a price lower than what they were doing until the election results came.
The traders at Abossey-Okai who are largely importers of spare parts and rely heavily on a stable currency and a better exchange rate to remain afloat in business.
He recounted how the cedi was largely stable under the Kufuor administration which boosted their business.
Osei Agyapong said the Mahama government failed to listen to wise counsel and that even when the exchange rate was high, the same government compounded matters with higher taxes and import duties.
He is optimistic the NPP government will operate a different economic paradigm.
A taxi driver at Abossey Okai told Joy News that a fuel pump which was selling at ¢350.00 is now selling at ¢200.00. A trader said a car tapes, which was selling ¢550.00 bulbs is now selling at ¢500.00. Other spare parts also saw marginal reductions.
Checks by Joy News indicate prices of commodities have also been slashed in the Ashanti Region, the NPP's world bank.
Source: Joy News
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Is not true.
hmmmmmmmm for me the write is ***barred word***. am not sure you own a car but if you do, go and buy spare parts
This tells me one thing. There are a group of people in this country that determines how to sell their commodities depending on which government is in power. Now i see clearly.
God is the only judge!!!
hmmm... the last time i checked its the NDC thats still in power. Is it because Nana has WON the elections and they are expecting some feebies? God save Ghana from these nation wreckers.
I hope they will keep reducing till 2020.But those who are happy about this should be careful of what they buy to fit into their vehicles. They are all fakes.
Who cares. All of them are Asantes so who care.The same old story.
the evil that men do lives after them
Abosai okai spare part dealers are mostly fraudulent.......fake parts.....ghana used polished part, sold as new.....and mostly discarded and scraped vehicle parts from the western part......Their business might be already dwindling because most affluent car owners buy from vehicle dealership.......or get friends to buy their spares from abroad and send.......I personally think Abosai okai......spare dealers are becoming greedy.....and therefore reducing price of wares after an election .....is not a business strategy......