Cedi gains to ease prices soon – BoG assures

Ghanaians may soon see lower prices for goods and services. This is due to the strong performance of the cedi.

Dr. Johnson Asiama, Governor of the Bank of Ghana, shared this news. He stated that the cedi's appreciation will reduce import costs. This reduction should eventually reflect in consumer prices.

After a Monetary Policy Committee meeting on May 23, 2024, Dr. Asiama spoke to the media. He noted that inflation changes usually lag behind exchange rate movements. However, he believes the economy is on track for relief.

“Some goods were stocked at higher rates,” he explained. “It takes time for prices to adjust.” He added that competition will help with this adjustment.

The cedi has appreciated by 24.1% against the US dollar this year. It has also gained against the pound and euro. Currently, it trades at GH₵