Cedi’s Comeback Ignites Market Moves, Price Debates, and Healthcare Crisis Threats

As the Ghana cedi strengthens, businesses adjust, investors rejoice, and over 128,000 nurses and midwives prepare for a national strike.

Ghana’s economy is witnessing a sharp pivot, driven by the Ghanaian cedi’s strong recovery, prompting dynamic shifts in prices, investor activity, and public sector tensions. From bold pronouncements by the Bank of Ghana to nationwide industrial threats by healthcare workers, the Cedi’s performance is reshaping Ghana’s economic and social narrative.

Cedi Gains Are Real – BoG Governor Assures

At a private investor roundtable on the sidelines of the African Development Bank Annual Meetings in Abidjan on May 28, the Governor of the Bank of Ghana, Dr. Johnson Asiama, assured stakeholders that the Ghana cedi’s recent performance “is real, not an illusion.”

“The market has changed. The narrative has changed. The policy environment has changed,” Dr. Asiama declared, urging speculators to abandon hopes of another depreciation wave.

He emphasised that declining inflation, rising reserves, tighter fiscal policy, and stable real-sector growth are creating solid foundations for the cedi.

“These are the fundamentals that give currency markets direction, and they are now moving in Ghana’s favour,” he said.

To maintain this momentum, the central bank is enforcing stricter foreign exchange regulations, enhancing transparency, and aligning monetary and fiscal policies.

Prices of Essentials Rise Despite Cedi Strength

Despite a stronger cedi, trading at ₵10.29/USD as of May 29, 2025, prices of key goods are rising.

The Cedi Board® reports:

• A 15-pack of Awake 500ml water now sells for ₵30, up from ₵24 in August 2024 (a 25% increase).

• A 36-pack of Verna 500ml water has increased from ₵45 to ₵75, marking a steep 66.67% increase.

This price inflation amid currency appreciation is drawing public concern, with experts pointing to supply-side pressures, transportation costs, and markup behaviours as possible causes.

Orca Deco Leads with "Stronger Cedi, Lower Prices" Campaign

In a sharp contrast, Orca Deco, a household name in Ghana’s home décor and furniture space, has reduced prices across all its showrooms by 20%, citing the cedi’s strength.

“With the cedi consistently demonstrating encouraging strength, we felt it was our responsibility to deepen our commitment,” said the company’s Sales & Marketing Manager.

Launched under the theme “Stronger Cedi, Lower Prices,” the initiative has received national praise. At the 9th Ghana CEO Summit, President Nana Akufo-Addo commended Orca Deco for setting a benchmark in translating macroeconomic gains into consumer relief.

₵100K Turns Into ₵340K: SIC Insurance Delivers Big for Investor

Investors are reaping big wins in 2025. SIC Insurance shares have soared by 240.74% year-to-date, hitting a record ₵0.92 on the Ghana Stock Exchange as of May 28. A ₵100,000 investment in January would now be worth about ₵340,740.

This meteoric rise reflects stronger market fundamentals, positioning Ghana as an attractive frontier for capital flows.

Healthcare Disruption Looms: Over 128,000 Nurses and Midwives to Strike

While the economy shows signs of resilience, tensions are boiling over in the public health sector. The Ghana Registered Nurses and Midwives Association (GRNMA) has announced a nationwide industrial action beginning June 2, 2025, due to the government’s delay in implementing their 2024 Collective Agreement.

The strike schedule includes:

• June 2–3: Red armbands in protest.

• June 4–8: Withdrawal of outpatient services.

• June 9 onward: Full withdrawal of all services.

“Ghanaian nurses and midwives are tired of excuses,” the Association stated, warning that the delay in implementation, despite a favourable court ruling in January, has become intolerable.

The looming strike could paralyse health services at a time when the country is managing the spread of the MPox disease, raising urgent calls for government action.

Conclusion: Cedi Confidence Meets Crossroads

The cedi’s resurgence is catalysing both confidence and contradictions, fueling investor optimism while exposing fragile sectors and uneven market responses. With inflation control, policy consistency, and public sector trust now at stake, Ghana's next chapter hinges on converting macroeconomic wins into inclusive, sustained progress.

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