Chief Executive of the Ghana National Chamber of Commerce and Industry (GNCCI) says his members are ready to reduce prices of goods and services if the cedi’s current stability is sustained through November.

Mark Badu Aboagye explained that the business community is closely monitoring the local currency’s performance.

“We are currently observing the cedi’s movement since October, and if the trend is sustained, we will not delay in responding to the development,” he told JoyBusiness in an interview.

He commended the Bank of Ghana for measures that have helped the cedi appreciate against the dollar over the past months, but stressed the need for consistency.

“We appreciate the steps taken by the Bank of Ghana to stabilise the currency, but we want to see whether this current trend will hold,” he noted.

The GNCCI boss also urged managers of the economy to continue with the current reforms and regulatory measures that have supported the cedi’s performance.

“A lot goes into the pricing of goods and services. We want to be sure that the cedi’s appreciation will be sustained before adjusting prices,” he added.

First Round of Reductions

Earlier this year, several businesses reduced prices of goods and services following a sharp appreciation of the cedi against the dollar.

However, many firms at the time maintained that they would wait to see whether the improvement was sustainable before making further adjustments. Some market analysts also argued that the extent of price reductions did not match the magnitude of the cedi’s gains, particularly among businesses with prices directly tied to the exchange rate.

Checks by JoyBusiness showed that not all businesses adjusted prices immediately, with some adopting a 90-day cycle before reviewing their pricing structures.

Cedi’s Performance

The Ghana cedi appreciated by 34.86% against the US dollar as of the end of October 2025. Within the month of October alone, the local currency strengthened by 13.9% against the dollar.

Commercial banks have credited this rally to new forex and monetary policy measures that have improved dollar supply and tightened enforcement of foreign exchange regulations.

A key contributor has been the Bank of Ghana’s decision to revise its forex market interventions — shifting from weekly auctions to spot sales for commercial banks. According to the Ghana Association of Banks, this policy has enhanced market efficiency and transparency.

In October 2025, the central bank injected about $1.1 billion into the market under its revised intervention programme — a move analysts say has been instrumental in bolstering the cedi’s strength.

Bank of Ghana on Market Intervention

The Bank of Ghana, under its Domestic Gold Purchase Programme, began a new phase of foreign exchange intermediation in October 2025, with plans to sell up to $1.15 billion monthly on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks.

At an engagement with banks, BoG Governor Dr Johnson Asiama said the new framework ensures transparency and fair access to forex.

“There will be no conditions or earmarking for allocations to ensure a level playing field and transparent market access. Monthly auction volumes may be adjusted depending on evolving market conditions, but our overarching objective remains clear: to deepen the interbank FX market, enhance price discovery, and smooth volatility,” he said.

The reforms mark a major shift in how the Bank of Ghana intervenes in the forex market, with emphasis on a market-neutral approach that strengthens confidence and price stability.