Governor of the Bank of Ghana, Dr. Johnson Asiama, has assured that the positive impact of the cedi will reflect in the prices of goods and services in the coming days.

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Speaking at a press briefing following the Monetary Policy Committee (MPC) meeting on Friday May 23, the BoG governor noted that the reduction will however,take a gradual process.

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“You can understand that some people stock their goods at a higher exchange rate. So naturally, even with the appreciation – it takes a while for you to see that adjustment. However, rest assured that you will see the adjustment certainly so long as there is competition, so long as it is not a monopoly, and we will see that kind of phenomenon very soon.”

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On the other hand, the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has revealed that Ghanaian importers have expressed willingness to adjust prices on their items, following the stability of the cedi.

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While engaging with the Ghana Union of Traders Association (GUTA), Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG) she clarified that price adjustments for goods and services are determined by traders and not the government, but the power to liaise between consumers, traders, and manufacturers.

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The cedi has appreciated by almost 24% since the beginning of the year.

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The cedi is currently trading at around GH₵11.85 to the dollar – GH₵15.84 to the British Pound and GH₵ 13.34 to the Euro, per the May 2025 Summary of Economic and Financial Data, .

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However, Minister for Finance, Dr Cassiel Ato Forson, has cited stringent monetary policy, complemented by aggressive liquidity sterilization, and disciplined fiscal stance anchored around prudent public finance management.

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"In fact, our foreign exchange reserves at the Bank of Ghana reached a record high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule," he added.

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Bolstering these efforts, he said, included "enhanced foreign exchange inflows from gold, cocoa, and remittances, alongside a softening US dollar amid global uncertainties."

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According to Forbes, the dollar has depreciated by 8% in 2025, whereas gold prices have hiked by 23%.

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This has been reported as investors seek safe-haven assets.

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They "have significantly driven the strength of the Ghana cedi," the sector minister confirmed.

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Meanwhile, players in the business community have argued that the significant reduction in the prices of goods and services cannot occur over time, despite the cedi appreciating against the dollar.

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According to the Dean of the University of Cape Coast School of Business, Professor Gatsi, most traders and businesses are yet to sell off old stock that were bought at higher exchange rates.

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He added that the situation may delay the immediate price adjustment in goods and services.

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