Some major shopping outlets and supermarkets have begun reducing the prices of their products and items on sale due to the cedi’s appreciation against the U.S. dollar, Joy Business can confirm.
Household goods and furniture shop, Orca Deco Ghana, on May 12, 2025, announced that it had dropped the prices of some items by 15 percent.
The company attributed the price cuts to the cedi’s strong performance in recent times.
In a follow-up post on social media, Orca Deco Ghana stated that as long as the cedi continues to perform well against the dollar, “they will continue to respond by adjusting their prices.”
Similarly, My Home Furniture and Decor shop has slashed the price of a set of furniture from GH₵45,000 to GH₵29,000, also attributing the reduction to the cedi’s recent gains.
Another shopping outlet, Alaha—which deals in household items and furniture—has also announced a 10 percent reduction on items sold at their shops.
Broader Reduction Across the Market
The General Secretary of the Food and Beverage Association, Samuel Aggrey, earlier told Joy Business that some of their members have also dropped their prices by 7 percent.
He noted that if the current trend is sustained, more members will actively respond to the developments.
Concerns from Industries and GUTA
The Association of Ghana Industries (AGI) and the Ghana Union of Traders Association (GUTA), after an emergency meeting with government led by the Minister of Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, concluded that more time is needed for traders to reduce prices.
The AGI, for instance, noted that since most of its members received their goods at a higher exchange rate, manufacturers need more time to recoup their capital before they can reflect the cedi’s current performance in pricing.
Cedi Performing Well
The Ghana cedi gained 6.25% week-on-week against the U.S. dollar in the retail market, cementing its position as the best-performing currency among a basket of 15 Sub-Saharan African currencies.
This brought its year-to-date gains against the dollar to 16.29%.
It traded at a mid-rate of GH¢13.60 to the dollar at the close of last week’s trading on the retail market.
The market remained liquid, following an aggregate market supply of US$378.6 million.
The local unit also appreciated by 7.61% week-on-week versus the British pound and 5.81% against the euro.
The cedi began the week of May 12, 2025, selling at GH¢13.60 to the U.S. dollar in the retail market, and was trading at GH¢12.89 to the dollar on the interbank market.
The global credit rating agency, S&P Global Ratings, recently upgraded Ghana’s long- and short-term foreign currency sovereign credit ratings to ‘CCC+/C’ from ‘Selective Default’. It also affirmed the country’s long- and short-term local currency ratings at ‘CCC+/C’, with a stable outlook on both.
The agency attributed the upgrade to Ghana’s economic growth, ongoing fiscal reforms, and improved external position despite high debt service costs. It also cited an improving track record of public financial management, even through election cycles.
Analysts view these upgrades as positive developments likely to support the cedi’s stability in the near term. This week, they expect the cedi to continue gaining on the back of improved sentiment and support from the Bank of Ghana.