Some major shopping outlets, supermarkets commence price reduction due to cedi’s appreciation

Major shopping outlets and supermarkets are lowering prices. This is due to the cedi's appreciation against the U.S. dollar, as confirmed by Joy Business.

On May 12, 2025, Orca Deco Ghana announced a 15 percent price drop on some items. They attributed this reduction to the cedi's recent performance.

Orca Deco stated they will adjust prices as long as the cedi remains strong. My Home Furniture and Decor also reduced a furniture set from GH₵ 45,000 to GH₵ 29,000 because of the cedi’s performance.

Another outlet, Alaha, announced a 10 percent price cut on their products.

The General Secretary of the Food and Beverage Association, Samuel Aggrey, mentioned that some members have lowered prices by 7 percent. He noted they will respond if this trend continues.

Concerns have been raised by industries and GUTA. The Association of Ghana Industries (AGI) and the Ghana Union of Traders Association (GUTA) met with Trade Minister Elizabeth Ofosu-Adjare. They concluded that traders need more time to reduce prices effectively.

The AGI pointed out that many members received goods at higher rates. They need time to recover their capital before adjusting prices.

The cedi has gained 6.25% week-on-week against the dollar in retail markets. It is now considered the best currency among 15 Sub-Saharan African currencies.

Year-to-date gains against the U.S. dollar stand at 16.29%. The mid-rate was GH¢13.60 per dollar at week's end in retail markets.

The market remained liquid with an aggregate supply of US$378.6 million available. The local currency also gained against other currencies: 7.61% versus the pound and 5.81% against the euro.

At the start of the week on May 12, it sold for GH¢13.60 per U.S. dollar in retail markets and GH¢12.89 in interbank markets.

S&P Global Ratings upgraded Ghana's credit ratings from 'Selective Default' to 'CCC+/C'. They affirmed Ghana’s debt rating at “CCC+” with a stable outlook for both foreign and local currencies.

This upgrade reflects economic growth and fiscal reforms in Ghana, along with improved public financial management during election cycles.

Analysts view these upgrades positively for cedi stability in the near term. They expect continued gains this week due to improved sentiments and support from Bank of Ghana.