Ghana’s macro gains hide cost‑of‑living pressures and cedi weakness

Economist Isaac Boadi warned that Ghana’s recent macroeconomic improvements – inflation dropping from over 21% to about 3.4% in a year, lower debt ratios and stronger foreign‑exchange reserves – have not translated into relief for households. He said, “If you check all these indicators, it tells you that on paper you look good. But if you check the cost of living for individuals, that is where the real paradox is found.”

Boadi also highlighted a persistent structural imbalance: the cedi has fallen more than 10% against the US dollar in 2026, the worst performer in West Africa, because demand for foreign exchange in energy, manufacturing and imports outpaces supply. Supply remains dependent on mining export receipts and periodic Bank of Ghana interventions, which he described as “unsustainable” and merely masking the underlying gap.