The engagement, held in Accra on Thursday, follows an earlier meeting with transport operators over concerns that unstable spare parts prices are affecting transport fares and worsening the cost of living.

Transport operators noted that despite the cedi’s steady appreciation against the dollar over the past nine months, the cost of spare parts continues to soar, creating significant strain within the sector.

The Minister subsequently invited GUTA, the Abossey Okai Spare Parts Dealers Association, and the commercial transport operators to identify the root causes behind the persistent price hikes.

Representatives from the association explained that while prices of many car parts have reduced in recent months, parts for Sprinter buses in particular remain high due to increased demand and limited supply, which has pushed market prices upward.

The Deputy Minister of Finance, Mr Thomas Nyarko Ampem, who was also present, stressed the need for unions to reduce the prices of goods and services in line with the recent stabilisation of the cedi. He urged stakeholders to reflect on the improved exchange rate conditions in their pricing.

The parts dealers further highlighted that many transport owners do not buy directly from Abossey Okai but rather through mechanics and middlemen, popularly known as “Affairs,” who significantly inflate prices, creating the false impression of market-wide increases. They advised the general public to shop directly as that will guarantee product quality and protect their incomes.

Mrs Ofosu-Adjare reaffirmed government’s commitment to ensuring fair pricing, transparency, and stability within the trading and transport ecosystem. She emphasised that government is working to streamline trade policies, enhance market monitoring, and eliminate price distortions to protect consumers while supporting businesses.

Stakeholders agreed to establish a common platform to address concerns and grievances promptly without resorting to public confrontation. The Minister reiterated her open-door policy, noting that it is unnecessary and unfair for groups to channel their concerns through the media when direct engagement remains accessible.

She stressed that maintaining stable spare parts prices is critical for economic stability, especially given the link between spare parts costs and national transport fares.