The Automobile Dealers Union of Ghana (ADUG) has expressed optimism about Ghana’s economic outlook, predicting that a significant drop in vehicle prices could be fully realised by 2026.
The union’s projection is based on recent economic developments, particularly the Bank of Ghana’s decision to reduce the Monetary Policy Rate (MPR) from 28% to 25%, as well as the recent strengthening of the Ghana cedi against the US dollar.
In a statement issued on July 31, ADUG welcomed the MPR cut, describing it as a “strategic decision” that would lower borrowing costs and restore business confidence across the country.
They further described the central bank’s move as a “signal of hope” for businesses, especially within the automotive retail and distribution space, and a potential “catalyst for inclusive economic growth, job creation, and improved mobility.”
While expressing optimism, ADUG advised stakeholders to manage their expectations in the short term and remain confident in the longer-term outlook for price stability in the vehicle market.
Source: AdomOnline
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