Dollar depreciation: Why are prices of goods not reducing? - Stonebwoy quizzes

The Ghana cedi, after several months of depreciating against the US dollar, is gradually becoming stronger, now trading against the dollar for less than GH¢12.

Ghanaian dancehall musician Stonebwoy is the latest to raise concern over the increasing prices of goods and services at a time when the country's currency has received a major boost.

In a tweet dated December 15, the singer, who is expecting a price fall, quizzed whether his followers were also in favour of price reductions in goods on the market.

He wrote: "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."

The interbank forex rates from the Bank of Ghana on Friday, December 16, 2022, have shown that the Ghana Cedi is trading against the dollar at a buying price of 7.9975 and a selling price of 8.0055.

Check out some reactions below:

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