Coronavirus outbreak: Prices of spare parts to shoot up

Ghana in the next three months is likely to experience shortage and increases in the prices of spare parts if the Corona Virus (CODVID 19) disease is not contained, Co-chairman of the Abossey Okai Spare Parts Dealers Association, Clement Boateng has said.

According to him, spare parts dealers in the country could no longer travel to buy spare parts due to the outbreak of the Corona Virus disease there.

In an interview with the Ghanaian Times on the impact of the outbreak of the Corona Virus disease on the spare parts industry in Ghana, Mr. Boateng said the spread of the disease was having a serious toll on the spare parts business in the country.

He said players in the industry could not replenish their dwindling stocks as they could not travel to China and other Asian markets such as Korea and Japan, which are major markets for spare parts.

He said the auto factories in the major spare parts producing markets in Asia have shut down their plants and this could cause a shortage in spare parts in those markets.

“Players in the auto manufacturing industry in China and other Asian countries such as Japan and Korea have been closed down their factories due to the outbreak of the Corona Virus disease,” he said.

Mr. Boateng who is also the National Organiser of the Ghana Union Traders Association (GUTA) warned that if in the next two to three if the disease was not contained, it could create a shortage in spare parts and increase prices as well.

The Coronavirus disease was detected in Wuhan in China and is said to cause a respiratory (lung) infection.

Thousands of people have been affected, killed and others quarantined due to the infection.

COVID 2019 which has been a health emergency of international concern has spread to over 50 countries and still spreading.

Meanwhile, the International Monetary Fund (IMF) has announced a $50 million package to help emerging markets to cope with the outbreak of the COVID-19, after warning that the disease posed a serious threat to global growth.

The World Bank, on the other hand, has pledged $ 2bn.