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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