Why are prices of goods not corresponding with cedi appreciation?’ Stonebwoy quizzes BoG

Ghanaian superstar, Stonebwoy is not pleased with how the cedis appreciation against the dollar is yet to reflect on prices of goods and services which shot up astronomically when the cedi was doing badly on the trading market.

The Cedi has maintained its value while growing against the dollar, despite being the second worst performing currency in the world in October after losing 40% of its value this year.

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Experts claim that in less than a week, the value of the cedi has increased by more than 20% in comparison to other major currencies, particularly the US dollar.

However, the high cost of living that resulted from this has not decreased when the cedi began to strengthen against the dollar and other major foreign currencies, and Stonebwoy is one of the people who is protesting.

Stonebwoy took to his official Twitter to question why things remain the same in the market, despite the fact that the Cedis are currently appreciating against the dollar.

Why be say Dollar rates leveling down nicely.. but prices of goods and services no dey gree to level with it.. You dey feel am?? Stonebwoy tweeted.

StonebwoyThe latest data from the Bank of Ghana (BoG) indicates that the Ghana cedi is as of Friday, December 16, 2022, selling at ¢7.99 and buying at ¢8.00.

Dollar Exchange Rate

In October 2022, the cedi, which lost 45.1% of its value against the US dollar in 2022, has since become the worst-performing currency globally.

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In reaction to the government’s negotiations with the International Monetary Fund (IMF), which may involve debt restructuring, the cedi fell 3.3% on Monday, trading at 11.2750 to the dollar in Accra, Ghana.

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