Member of Parliament for Fanteakwa North Constituency, Kwame Appiah Kodua
The stabilisation of the Ghana cedi is meaningless unless it is linked to a reduction in the prices of goods and services in the country, Kwame Appiah Kodua, the Member of Parliament for Fanteakwa North, has reasoned.
Speaking on Adom TV’s breakfast show, Kwame Appiah Kodua dismissed the recent performance of the country’s currency.
He argued that despite the cedi’s rise against major trading currencies worldwide, the prices of goods continue to increase in the country.
Citing the alleged rise in the prices of cement and yam as the foundation of his argument, Kwame Appiah Kodua criticised the government for failing to honor its promises to the country.
“The stabilisation of the cedi is meaningless if it cannot be linked to the prices of goods. If you can’t link cedi stabilisation to the prices of goods and services, it’s meaningless. What is the price of cement today?” he quizzed.
“The government took office with the promise of resetting the country. At the time they took over, cement prices averaged GH¢85. As we speak, they are around GH¢130 to GH¢140. This is a government that campaigned on resetting the country. If you stabilize the cedi and the prices of goods keep rising, it’s ineffective. The price of yam is also on the rise,” he said.
Background
The Ghanaian cedi has been named the world’s best-performing currency in April 2025, gaining nearly 16% against the US dollar since the beginning of the month, according to Bloomberg.
This significant appreciation has brought relief to Ghana’s economy, helping to curb inflation and strengthen consumer confidence.
As of May 10, 2025, the cedi is trading at GH¢13.10 to the dollar, its strongest level in months. The currency’s rally has contributed to a notable drop in inflation.
Government Statistician, Dr Alhassan Iddrisu, on May 7, 2025, announced that consumer price inflation fell to 21.2% in April, down from 22.4% in March, marking the lowest level in eight months.
Monthly inflation also slowed to 0.8%, largely driven by reduced import costs due to the cedi’s strength.
SA/MA
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