Cedi’s Sharp Appreciation Triggers 50% Drop in Remittance Inflows — BoG Governor

However, the appreciation has had unintended consequences.“The appreciation of the cedi so far, Ghanaians are interpreting this differently… People who used to send remittances for projects have suddenly stopped, and so we have observed a near 50% decline in remittance inflows,” Dr. Asiama noted.

He also called for corresponding adjustments in the prices of building materials, citing cement as an example, given that inflation is on the decline.“If you are doing projects in Ghana, cement prices must also adjust, not so? Inflation is coming down so the prices of those building materials must also adjust… on the balance it shouldn’t matter,” he said.

The Governor suggested that the Bank of Ghana and other stakeholders may need to embark on an international outreach campaign to encourage continued remittance flows.“Someone told me this morning we need to do a roadshow across the top remittance originating countries… we need to go and explain to them to continue sending their monies regardless where the exchange rate is,” he added.