Despite Ghana’s improving macroeconomic indicators, consumers continue facing high prices as the benefits of currency appreciation and slowing inflation have yet to translate into tangible relief.
University of Ghana Business School economist Professor Patrick Asuming explained that while inflation has declined from 54% in 2022 to 25% currently, “prices are still rising, just at a slower pace.”
The disconnect between economic recovery and consumer experience stems from multiple factors. Bank of Ghana Governor Dr. Johnson Asiama attributed persistent high prices to inventory cycles, noting traders purchased goods when the cedi was weaker. The currency has gained 24% against the dollar this year, supported by tight monetary policy and strong gold and cocoa exports. However, rising utility tariffs and stagnant wages continue squeezing household budgets.
The central bank maintained its 28% policy rate in May to further anchor inflation expectations, even as gross international reserves reached $10.7 billion. Economists warn that without addressing structural issues in production and distribution, Ghana’s economic recovery may remain uneven, with financial sector improvements outpacing real economy benefits for ordinary citizens.
