Car Prices Could Decline in 2026, Says Automobile Dealers Union
The Automobile Dealers Union of Ghana (ADUG) has stated that significant reductions in vehicle prices may only be fully realised in 2026, despite expressing optimism about the current economic environment.
The union attributes its cautious outlook to the recent revision of the Monetary Policy Rate (MPR) by the Bank of Ghana (BoG)—from 28% to 25%—as well as the strengthening of the Ghana cedi against the US dollar. These factors, it believes, have the potential to impact vehicle pricing in the near future.
In a press statement issued on July 31, the union described the MPR reduction as a “strategic decision” that will ease “the cost of borrowing and revitalising business confidence across the country.”
The statement also described the BoG’s move as a “signal of hope for the business community, particularly in the automotive retail and distribution value chain,” and further noted that it could serve as a “catalyst for inclusive economic growth, job creation, and mobility enhancement across the country.”
However, in an interview with Citi News, the Union’s President, Kwaku Boateng, clarified that any substantial drop in vehicle prices is not expected until 2026.
According to him, most dealers still hold stocks of vehicles imported at higher exchange rates and cannot afford to sell under current market conditions.
“I’m urging Ghanaians they be patient. About 90% of the vehicles we imported before the dollar appreciated,” he said.
Mr Boateng appealed to the public for understanding and called on the government to maintain and enhance the current economic stability to enable future price reductions.
