The Automobile Dealers Union, Ghana (ADUG) has expressed its satisfaction with the recent stability of the Ghanaian cedi and the decline in dollar exchange rates. In a statement released by the union, they highlighted how this positive economic trend has brought relief to their businesses, which heavily depend on imports.
The cedi’s improved performance against major foreign currencies, particularly the US dollar, has reduced operational costs and boosted confidence within the automobile sector. ADUG praised the government and the Bank of Ghana for implementing policies that have contributed to this economic turnaround.
The union noted that the stability of the local currency has significantly lowered the cost of importing vehicles and spare parts, which were previously affected by high exchange rate fluctuations. Dealers have faced severe challenges in recent years due to the cedi’s depreciation, leading to increased vehicle prices and reduced sales. However, with the current trend, ADUG is optimistic about a rebound in the automotive market, as more consumers may now find vehicles affordable. The union urged the government to sustain these measures to ensure long-term economic stability.
ADUG also called for continued collaboration between the government and the private sector to maintain the gains achieved. They emphasized the need for policies that support local businesses, such as reduced import duties and streamlined customs processes, to further enhance the automobile industry’s growth. The union believes that a stable currency, combined with favorable trade policies, will attract more investment into Ghana’s automotive sector, creating jobs and boosting economic growth.
In conclusion, ADUG commended the efforts of all stakeholders in stabilizing the economy and expressed hope that the positive trend would continue. The union reaffirmed its commitment to supporting government initiatives aimed at sustaining economic progress while advocating for policies that benefit both businesses and consumers. With the cedi’s stability and declining dollar rates, the automobile industry is poised for recovery, offering a brighter outlook for dealers and customers alike.
