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In the early days of 2024, optimism abounds among traders at Abossey Okai, one of Ghana’s major spare parts hubs. Despite acknowledging the economic challenges facing the country, these traders remain enthusiastic about the potential for improved business in the coming year.
The atmosphere at the Abossey Okai Car Spare Parts Hub is characterized by lively activity as traders engage in their usual business, while customers navigate the narrow pathways in search of car replacements. Despite their zeal, traders express concern about the unpredictable nature of the economy.
Import taxes emerge as a major grievance among traders, who argue that these taxes are significantly impacting their operations. The high cost of doing business and subsequent price hikes are attributed to the uncertainties in the economic landscape. Traders are earnestly calling on the government to alleviate the burden by reducing import taxes, addressing the depreciation of the cedi, and restoring economic stability for a more conducive business environment.
Despite a somewhat sluggish start to the year, the traders remain optimistic, foreseeing a business boom as 2024 progresses.
Yaw Yawson, a car tyre trader at Abossey Okai, acknowledges the fluctuating nature of business but remains unfazed, expressing confidence in customer demand. He appeals to the government to address concerns about taxes at ports, emphasizing the impact on traders.
Another trader, Tasil Mohammed, dealing in car shocks, door handles, machines, and batteries, urges the government to reconsider taxes, describing them as hindrances to the business flow. He points out that importation taxes have inflated prices, affecting customer purchasing power, and emphasizes the need for government intervention.
Beyond import taxes, traders also highlight the challenges posed by unstable exchange rates, impacting their access to credit facilities.
Yaw laments, “Importers used to give us goods on credit, but with the fluctuating cedi, they no longer extend credit.” Despite these challenges, traders express hope for a better year in 2024, especially considering the upcoming election, anticipating increased travel and subsequent consumer spending.
