Residents across Greater Accra are challenging landlords and real estate developers who maintain rental charges based on outdated dollar-cedi exchange rates, despite recent gains by the Ghanaian currency.
Tenants report landlords refusing to lower rents to reflect the cedi’s appreciation, increasing financial strain on households and businesses amid high living costs.
Ghana’s cedi has strengthened in recent weeks, supported by improved investor confidence, seasonal foreign exchange inflows, and ongoing International Monetary Fund program disbursements. Property owners setting rents in U.S. dollars continue using rates negotiated during the cedi’s depreciation peak.
Janet Owusu, a nurse in East Legon, stated: “The dollar has come down significantly, but my landlord is still calculating my rent based on GH¢13.50 per dollar instead of the current GH¢11.80.” Kwame Adjei, a Spintex business owner, added: “Landlords increased rent when the dollar rose but ignore the cedi’s recovery. It’s one-sided.”
Real estate developers cite long-term investment planning and dollar-denominated construction costs. An anonymous manager at a Cantonments luxury complex explained: “Inputs like cement and fittings remain priced in dollars. Short-term forex fluctuations don’t allow immediate rate changes.”
The Ghana Rent Control Department confirmed investigating rent-pegging practices, noting legal requirements that rents be paid in cedis unless otherwise agreed. Housing policy expert Dr. Thelma Quaye observed: “This mismatch between market reality and price rigidity requires robust rent indexation mechanisms.” Stakeholders urge regulatory intervention as housing affordability becomes critical, particularly in urban areas where dollar-linked rents prevail.
Ghana’s rental market lacks standardized forex adjustment clauses in leases, creating recurring disputes during currency volatility.
