Due to the cedi’s depreciation, the Abossey Okai Spare Parts Dealers Association has declared that prices may rise as early as next week.
Clients should budget for increased expenses for replacement parts and associated services.
The increase in price coincides with persistent fluctuations in the local currency, causing serious worries for businesses.
Speaking anonymously to Citi Business News, a few spare component importers stated that they now have to spend more money to import the same amount of goods.
They are by this circumstances to raise prices of parts.
The Association’s Head of Communications, Takyi Addo, stated that a price increase for spare components is anticipated in the upcoming week.
He went on to say that even with the impending price increase, the Association is not able to set spare part prices; instead, the dealers are in charge of doing so.
Market observers estimate that by the end of the year, the Ghana cedi might be worth between 15 and 16 Ghana cedi to the US dollar, suggesting that its problems may not be over yet.
The respected financial and media outlet Bloomberg has forecast that by year’s end, the Ghana cedi’s value will have further declined.
The estimate is consistent with Bloomberg’s prediction that the cedi will appreciate to GH¢15.98 versus the US dollar.
On Wednesday, May 15, visits to a few forex bureaus and saw that the dollar is trading on the forex market between ¥14.90 and ¢15.00.
Read Also: Cedi Weakens to GH¢14.00 per Dollar, Drops by 12.08%
