Joy Business can confirm that some major shopping outlets and supermarkets have started reducing the prices of their products and items on sale due to the cedi’s appreciation against the U.S. dollar.

Household goods and furniture shop, Orca Deco Ghana on May 12, 2025 announced that it has dropped prices of some items by 15 percent.

The company attributed the reason for the slash in prices to the cedi’s good run in recent times.

In a follow-up post on social media, Orca Deco Ghana announced that as long as the cedi performs well against the dollar, “they will continue respond by adjusting their prices”.

Also, My Home Furniture and Decor shop has dropped their price of a set of Furniture that used to cost GH₵ 45,000 to GH₵ 29,000, attributing it to the cedi’s performance.
Another shopping outlet Alaha, which deals in household stuff 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 per cent
He noted that if the trend is sustained, they 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), at the end of an emergency meeting with the 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 items at a higher rate, manufacturers need more time to recoup their capital before they can respond to current developments on the market.

Cedi performing well

The Ghana cedi gained 6.25% week-on-week against the dollar in the retail market, cementing its position as the best currency among a basket of 15 Sub-Saharan African currencies.
This took its year-to-date gains against the American greenback to 16.29%.

It traded at a mid-rate of GH¢13.60 to one dollar at the close of the 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 gained 7.61% week-on-week versus the pound and 5.81% to the euro.

The cedi began the week on May 12, 2025, selling at GH¢13.60 to one US dollar in the retail market. In the interbank market, it is going for GH¢12.89 to one dollar.

The Global Credit Rating Agency S&P Global Ratings upgraded Ghana's long- and short-term foreign currency sovereign credit ratings to 'CCC+/C' from 'Selective Default'. The agency also affirmed the country’s debt at “CCC+” and long- and short-term local currency ratings at 'CCC+/C', with a stable outlook on both the foreign and local currency ratings.

The firm attributed the upgrade to Ghana’s economic growth, ongoing fiscal reforms, and Ghana's improved external position against high debt service costs, along with an improving track record of public financial management through election cycles.

Analysts see the upgrades as positive developments that will support the cedi’s stability in the near term. However, this week, they expect the cedi to continue gaining on improved sentiments and the Bank of Ghana’s support.