The Abossey Okai Spare Parts Dealers Association has called on the incoming Mahama-led administration to implement measures to strengthen the cedi against the dollar.
The Association argues that the current exchange rate of GH¢14.50 per dollar is adversely affecting the importation of spare parts, leading to higher costs for their members.
Speaking to Citi News, the Association's Director of Communications, Takyi Addo, stated that stabilizing and strengthening the cedi would reduce the cost of offshore purchases and improve profit margins for its members. "We need to stabilise the cedi, we're not saying that it should come to GHC1, GHC2, or GHC3, what we're saying is that the dollar needs to be stabilised.
We need to build a strong economy. "We import our goods from the UK, US, Canada, Asia and other countries and we need to get dollars, whenever the dollar is fighting with the local currency, technically you are losing revenue or your capital is going down. "So the moment you stabilise the cedi, at least you can compete with the exchange rate.
