Traders at Abossey Okai Spare Parts Market Reduce Prices of Their Goods Amid Dollar Fall

• Nigerian traders at the Abossey Okai have started slashing prices due to the cedi’s sharp appreciation against the US dollar
• Their move contrasts with Ghanaian traders who say they must clear old stock before adjusting prices
• GUTA has urged all traders nationwide to reflect the stronger cedi in their pricing to support consumers

Nigerian traders at the Abossey Okai spare parts market in Accra have reportedly started reducing prices of their goods amid the rapid decline of the US dollar against the Ghanaian cedi.

This is according to Takyi Addo, Head of Communication for the Abossey Okai Spare Parts Dealers Association.

The move by the Nigerians is to reflect the recent surge of the Ghanaian cedi against major international trading currencies, particularly the US dollar.

According to the Wednesday, 21 May 2025, daily exchange rate published by the Bank of Ghana, the cedi is currently trading at GH¢12.10 to the US dollar, while the British pound is also selling at GH¢16.18. The Euro, on the other hand, is also trading at GH¢13.62.

Below is the latest exchange rate update released by the Bank of Ghana:

Following the strong performance of the cedi since the beginning of 2025, the Ghana Union of Traders Association (GUTA) called on traders across the country to adjust their prices.

While the Nigerian traders have responded positively, their Ghanaian counterparts have refused to act accordingly, arguing that they had not finished selling their old stock.

However, Takyi Addo believed that the decision by Nigerian traders to adjust their prices would help them attract more customers.

He consequently advised the Ghanaian traders to adjust their prices lest they lose their customers to their West African brothers and sisters.

"Nigerian traders at Abossey Okai are adjusting their prices to attract more customers. Ghanaians should consider adopting this approach," he advised.

It remains to be seen if Ghanaian traders will adjust their prices following the action taken by their Nigerian counterparts.

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Reactions to the move by Nigerian traders

Ghanaians on social media have reacted to the move by the Nigerian traders at the Abossey Okai spare parts market to adjust their prices.

YEN.com.gh compiled a few of the reactions below:

@MrAmogyan said:

"That’s why i always buy from the Nigerians. Our Ghanaian people are too greedy."

@SamTuga44 also said:

"Foreigners will leave their countries and end up making it big time here but citizens in same field would be bleeding forever. Yeah, it’s because of our greediness and wickedness! Until we change our habit we will suffer forever."

@AnthonyObbi commented:

"When I am going to buy something, and Nigeria man is selling, I will buy from him, but not from country man."

GUTA requests a clampdown on foreign traders

Meanwhile, YEN.com.gh reported earlier that GUTA called on the government to be bold and clamp down on the invasion of Ghana's retail space by foreigners.

GUTA president, Joseph Obeng, said the phenomenon had stifled the work of local traders and manufacturers who cannot compete with imported subsidised goods.

He also blamed the foreign traders for the country's depreciating currency.

Source: YEN.com.gh