The Ghana cedi is experiencing a significant appreciation against the United States dollar, a development met with optimism by the Speaker of Parliament, the Right Honourable Alban S.K. Bagbin.
His comments come on the heels of a Bloomberg report indicating that the Ghana cedi has been the best-performing currency globally against the US dollar since the beginning of April, appreciating by a remarkable 16%.
Speaker Bagbin, in a statement shared on his social media platform, lauded the cedi’s resurgence as a major relief for Ghanaians and the national economy.
He noted the positive impact on cross-border traders, who are already seeing an upward surge in the value of their earnings.
This appreciation, according to the Speaker, will likely lead to a review of prices for goods and services, potentially making them more affordable for the average Ghanaian.
“It is refreshing that cross-border traders are already saving on the upward surge in the value. For the first time in a long while, traders have room to review the prices of their goods and services downward and people are more willing to invoice and receive payments in cedis,” Speaker Bagbin stated.
He further emphasized the potential for this trend to positively influence the general pricing of goods and services, ultimately benefiting all Ghanaians.
While the recent appreciation is welcome news, the Ghana cedi has faced considerable challenges in recent years. Several factors typically influence the exchange rate of the cedi, including inflation rates, fiscal deficits and public debt, foreign exchange reserves, amongst others.