Dr. Johnson Asiama, who leads the Bank of Ghana, has good news for Ghanaians who are worried about high prices. He says prices of goods and services will start coming down soon because the cedi is getting stronger.
Dr. Asiama spoke at a Bank of Ghana meeting on Friday in Accra. He told people that they should expect to see cheaper prices, but it will take some time.
Many people have been asking: if the cedi is stronger now, why are prices still high? Dr. Asiama explained that shop owners bought their goods when the cedi was weaker and cost more dollars. So even though the cedi is stronger now, it takes time for the savings to reach customers.
"You will see prices come down for sure, as long as there is competition between businesses," he said. "But if one company controls everything, then prices might not change much."
People also asked if the cedi will stay strong. Dr. Asiama said yes, but he wants to make sure it doesn't get too strong too fast. If that happens, it could hurt Ghana's ability to sell goods to other countries.
The Bank of Ghana studied the exchange rate carefully and decided that right now, the cedi's strength is good and won't hurt the country's business with other nations.
Dr. Asiama made it clear that the cedi is getting stronger naturally because of good economic policies, not because the Bank of Ghana is using its saved money to make it happen. In fact, Ghana's savings are growing.
The cedi has done very well this year. It has gotten 24.1% stronger against the US dollar, 16.2% stronger against the British pound, and 14.1% stronger against the euro by May 21, 2025.
This happened because of several good things: the Bank of Ghana's strong policies, the government spending less money, more foreign money coming into the country, better rules for exchanging money, and people feeling more confident about Ghana's economy.
Dr. Asiama also shared other good news about Ghana's economy. The country made $2.1 billion more than it spent in the first three months of 2025. This happened because gold and cocoa prices went up, Ghana produced more of these goods, and Ghanaians living abroad sent more money home.
Because of this, Ghana's total money situation improved by $1.1 billion. The country now has $10.7 billion saved up, which is enough to buy imports for 4.7 months.
Inflation, which means how fast prices go up, has been slowing down for four months in a row. Experts think inflation will reach the target level by early 2026, which is sooner than they thought before.
Even with all this good news, the Bank of Ghana decided to keep the main interest rate at 28%. Dr. Asiama said this is because inflation is still too high compared to where they want it to be.
"We need to keep working hard to make sure inflation keeps going down and stays down," he said.
The future looks good for Ghana's economy. The country expects to keep making money from selling gold and cocoa to other countries, and Ghanaians abroad will likely keep sending money home.
For ordinary Ghanaians, the message is clear: the economy is getting better, the cedi is becoming more stable, and cheaper prices should come soon. But people need to be patient as these good changes take time to reach everyone.