According to a report by Daily Graphic on Thursday, 8th May, 2025, the Ghana Cedi has been ranked as the best performing currency in the world. This has generated a lot of reactions on social media.
According to report, the cedi gained nearly 16% in value against the US dollar since the beginning of April. This rise in the cedi’s strength has helped bring down the high cost of living in Ghana.
Thanks to the stronger cedi, Ghana’s inflation rate has dropped. For the first time in eight months, the country’s inflation rate went down to 21.2% in April, from 22.4% in March. This means prices of goods and services did not increase as much as they used to. One big reason for this improvement is that the cedi’s value made imported goods cheaper.
Government Statistician, Alhassan Iddrisu, explained that the falling prices of imported goods helped reduce overall inflation. Food inflation dropped from 26.5% to 25%, while non-food inflation also decreased from 18.7% to 17.9%. He said the rise in the cedi’s value played a big role in making things more affordable for Ghanaians.
However, economic experts say the Bank of Ghana might not reduce interest rates yet. Dr. Agyapomaa Gyeke-Dako from the University of Ghana Business School explained that although the economy is improving, the central bank may wait before making changes. This is because the cost of electricity and water has also gone up, and this could bring back inflation.
In March, the Bank of Ghana increased its main interest rate to 28% to help control rising prices. Experts like Mark Bohlund believe that reducing this rate too soon could make inflation go up again. Still, there is hope that if inflation keeps going down, the bank might lower interest rates later this year.
Ghana’s central bank and the International Monetary Fund (IMF) believe things will keep getting better. IMF’s Mission Chief, Stéphane Roudet, said he’s hopeful inflation will drop even more in the coming months.
Many Ghanaians see the cedi’s rise as a sign that the economy is getting stronger and the country is on the path to recovery.
Here are some reactions from Ghanaians.
