Stonebwoy questions why cost of products & services haven’t come down despite cedi’s appreciation

Currently repping the motherland in Qatar, Stonebwoy has questioned authorities on why the cost of goods and services haven’t depreciated after the Cedi’s appreciation against the dollar.

He is not pleased with how the cedi’s appreciation against the dollar is yet to reflect on prices of goods and services which shot up astronomically when the cedi was doing badly on the trading market.

The Cedi, which was ranked the second worst performing currency in the world in October after losing 40% of its value this year, has retained its worth appreciating against the dollars.

Why be say Dollar rates leveling down nicely.. but prices of goods and services no dey gree to level with it.. You dey feel am?? #BhimConcert22 https://t.co/AQwwVnr832 *365*2022#— 1GAD (@stonebwoy) December 15, 2022

According to experts, the cedi has risen more than 20% in value against major foreign currencies, especially the US dollar, in less than a week.

However, since the cedi started making improvements against the major international currencies, especially the dollar, the cost of living that went high due to this has not seen a decrease and one of the people complaining is Stonebwoy.

Stonebwoy took to his official Twitter to question why things remain the same in the market, despite the fact that the Cedis are currently appreciating against the dollar.

Why be say Dollar rates leveling down nicely.. but prices of goods and services no dey gree to level with it.. You dey feel am?? Stonebwoy tweeted.

The latest data from the Bank of Ghana (BoG) indicates that the Ghana cedi is as of Friday, December 16, 2022, selling at ¢7.99 and buying at ¢8.00

In October 2022, the cedi, which lost 45.1% of its value against the US dollar in 2022, has since become the worst-performing currency globally.

In reaction to the government’s negotiations with the International Monetary Fund (IMF), which may involve debt restructuring, the cedi fell 3.3% on Monday, trading at 11.2750 to the dollar in Accra, Ghana.

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