By Kingsley Webora Tankeh
Just a few days into the new year, the traders at one of Ghana’s biggest spare parts hubs, Abossey Okai, are optimistic and full of zeal, expecting better business in 2024. Though many complain of the economic quagmire the country is mired in, they are geared up to make the best of it regardless.
A day at the Abossey Okai Car Spare Parts Hub is characterised by enthusiastic Car Spare part traders going about their usual business and customers foraging through the narrow pathways to purchase replacements for their cars. The traders seem zealous but are particularly worried about the unpredictability of the economy.
Some traders decried the taxes imposed on imports, saying the taxes are severely affecting their businesses. They attributed the high cost of doing business and the price hikes to the vagaries of the dire economic situation. So, they are therefore pleading with the government to reduce the import taxes, deal with the depreciation of the cedi, and restore economic stability to create a conducive environment for business.
Despite the slow start to business in the first few days of the year, the traders are optimistic of a boom in business as the year progresses.
A car tyre trader at Abossey Okai, Yaw Yawson, said, ”Business is on and off. Today it is good, tomorrow it is bad. But we are not worried. We know people will definitely come to buy. If they need the goods, they will automatically come and buy.”
While they remain optimistic of a boom this year, Yaw pleads with the government to do something about the taxes paid at ports. “Government should understand we are traders. People are complaining about the duties and taxes. And we know that the government also uses the taxes for development. But if some drop, it will be good for us,” he pleaded.
Another trader who deals in car shocks, door handles, machines, and batteries, Tasil Mohammed, urged the government to “massage the taxes” a little bit to “free up the system for business to move on.” Tasil who also services cars at Abossey Okai, added that the duties at the port and importation taxes have “hijacked the prices of goods,” thereby affecting the purchasing power of customers. He maintains that they are out there to do business and earn a living. “Life in Accra is expensive,” he stressed. “Customers complain of high prices. But it is not our fault. We are not here to sell what customers cannot buy. It is the system,” he explained while hammering on the need for the government to ameliorate the situation.
Apart from the exorbitant import taxes, the traders also complain of the egregious effects of the unstable exchange rates. According to them, the situation is affecting their access to credit facilities.
“The importers used to give us some goods on credit. But when the cedi started fluctuating, they no longer give us credit,” Yaw complained.
Ahead of the New Year, the traders expressed optimism for a better year as compared to 2023, bearing in mind that it is an election year. Kojo Dakwah, another car spare part trader, said, “This year will be better than last year. Because it is an election year, there will be more travelling. So, people will buy goods.”
For many of these traders, it is early in 2024; however, they are convinced that the country’s economy will fully recover from the external shocks it suffered in the last few years and provide a conducive environment for businesses to thrive in 2024.
