During a recent discussion on the economic challenges facing spare parts dealers, particularly those in Abossey Okai, Miss Portia Nana Akua Pinamang shed light on the deeper issues driving the high cost of spare parts in Ghana. According to her, the frustrations of both traders and consumers are valid, but meaningful solutions require a clear understanding of the underlying factors influencing these prices.
Miss Pinamang explained that many Ghanaians view spare parts dealers as simply inflating prices for profit. However, after reviewing several journals and gaining insight into how these parts are sourced, she realized the situation is far more complex. These dealers purchase their goods in dollars, which means their entire supply chain is directly tied to the performance of the cedi. Beyond this, they face high shipping costs, heavy duties, and taxes at the port. Considering these operational burdens, no dealer would willingly sell at a loss, especially when the system itself sets them up to struggle.
She stressed that something fundamental in Ghana’s economic structure is broken—something that urgently needs fixing. Even if the dollar rate drops temporarily, without addressing the core problems, spare parts prices will not significantly fall. This, she emphasized, affects not only traders but the everyday Ghanaian trying to survive rising living costs.
Miss Pinamang further argued that inflation numbers alone do not reflect the true state of the economy. “Inflation can be in single digits,” she noted, “but if the dollar rate remains in double digits, the cost of living will still be unbearable.” While it is commendable that the minister is urging spare parts dealers to reduce prices, she believes the conversation must extend beyond surface-level directives. The real question is: are the structural conditions in place to allow these dealers to reduce prices without collapsing their businesses?
She suggested that a serious look must be taken at factors such as duties, taxes, shipping costs, and the bureaucratic challenges at the ports. If duties and charges are reduced, the dealers will naturally have room to reduce prices, a far more sustainable approach than demanding price cuts without reforms.
Miss Pinamang also encouraged Ghana to fully leverage its free market system. She proposed that the country explore ways to regulate and standardize prices in specific sectors without stifling competition. Proper margin control and standardized pricing for certain essential products, she believes, could help stabilize the market and protect both traders and consumers.
She called on government authorities, particularly ministries responsible for trade and industry, to engage constructively with stakeholders in the spare parts sector. By addressing the real challenges faced by dealers, the nation can move toward a more balanced economy where prices reflect fairness rather than structural inefficiencies. Only then can Ghana achieve the kind of stability that benefits everyone, from the trader at Abossey Okai to the ordinary Ghanaian struggling with the cost of living.