Ghana Cedi Strengthens: Speaker Bagbin Encouraged by Currency’s Rise Against US Dollar

The Ghanaian cedi is witnessing a notable rise in value against the US dollar, prompting a positive response from the Speaker of Parliament, Rt. Hon. Alban S.K. Bagbin.

This reaction follows a Bloomberg report highlighting the cedi as the world’s top-performing currency against the US dollar since early April, with an impressive 16% appreciation.

In a statement shared on his social media, Speaker Bagbin welcomed the cedi’s rally, describing it as a major source of relief for the Ghanaian people and the broader economy.

He highlighted the favorable impact on cross-border traders, who are already benefiting from increased earnings due to the cedi’s strengthened value.

According to the Speaker, this improvement could pave the way for a reduction in the prices of goods and services, making them more accessible to the average consumer.

“It is encouraging to see cross-border traders enjoying the gains. For the first time in a while, there is an opportunity to reduce the prices of goods and services, and there’s a renewed willingness to conduct transactions in cedis,” Bagbin noted.

He expressed hope that this trend would lead to broader economic benefits through more affordable pricing for consumers.

Despite the recent gains, the cedi has faced persistent challenges over the years, often influenced by inflation, public debt, fiscal imbalances, and foreign exchange reserves.