The Automobile Dealers Union of Ghana (ADUG) has announced an average 15 percent reduction in vehicle prices, citing exchange rate stability and the removal of the COVID-19 levy as key factors behind the downward review.
In a statement issued in Accra yesterday, and signed by its National President, Eric Kwaku Boateng, the Union said the price cuts fulfil a long-standing pledge to adjust vehicle prices once the Ghana Cedi showed sustained signs of stability against the US dollar.
According to union, members have begun implementing the revised prices across a broad range of vehicles, including brand-new models, hybrid and electric vehicles, as well as home-used cars.
The Union said the move reflects its commitment to responsible pricing in response to improved macroeconomic conditions.
“This decisive action reflects the Union’s long-standing promise to Ghanaians that any meaningful stabilization of the exchange rate would translate into fairer vehicle pricing, rather than excess profiteering,” the statement said.
It added, “We are pleased to state that our members have acted in good faith and with a strong sense of national responsibility.”
Vehicle prices in the country have surged over the past years due to currency volatility, rising import duties, increased shipping charges and global supply chain disruptions.
The car dealers contended that these pressures significantly raised the cost of importing vehicles, which were passed on to consumers.
Throughout that period, ADUG maintained that pricing adjustments were largely influenced by exchange rate fluctuations.
The Union assured the public that any sustained appreciation or stability of the cedi would lead to a downward review of prices.
“With the recent improvement and relative consistency in the exchange rate environment, our members have honoured that promise by adjusting prices across a wide range of vehicles,” the statement added.
ADUG expressed appreciation to the public for its patience during the period of high prices.
“We thank Ghanaians for their patience, trust, and confidence in the organised automobile trade, and we reaffirm our resolve to always act in the best interest of consumers and the national economy,” the Union stated.
A Business Desk Report