Riding the Forex Wave: How Ordinary Ghanaians Can Benefit from a Favourable USD-Cedi Exchange Rate [ARTICLE]

When the Ghana cedi strengthens against the US dollar or remains relatively stable, many Ghanaians feel relieved. Imports become somewhat cheaper, inflation slows down, and the cost of living eases. Currently, one needs a little over GHS 10 to obtain one dollar, and this has been the case for a few weeks now. But beyond these broad economic impacts, how can everyday Ghanaians—whether a teacher in Sunyani, a trader at Makola, or an Uber driver in Kumasi—practically benefit from a favorable exchange rate?

This article examines how ordinary citizens can take advantage of a strong cedi in an economy heavily reliant on imports.

1. Make Strategic Purchases When the Cedi Is Strong
   When the cedi appreciates, prices of imported goods tend to fall or stabilize. This period is ideal for retailers to stock up on imports like electronics, cosmetics, and clothing before the exchange rate worsens. Parents paying tuition abroad can convert cedis to dollars more cheaply. Small importers, such as boutique owners in Osu or phone dealers in Tamale, can acquire stock at lower costs. For example, Adiza, a boutique owner in Madina, increased her orders of second-hand clothes from the US and UK when the dollar dropped to GHS 10.80, saving over GHS 3,000 on a shipment, which she reinvested in accessories.
2. Send and Use Remittances Strategically
   While a strong cedi means receiving fewer cedis from remittances, it offers a chance to optimize funds. Relatives abroad should send money when the cedi is weak, and recipients can spend or invest when the cedi strengthens, stretching the value further. Kwabena in Tarkwa saved two months of remittances when the dollar peaked at GHS 13.20 and later used the dollars to buy building materials at a lower cost when the cedi strengthened to GHS 11.50.
3. Prepay for Dollar-Pegged Services
   Many Ghanaian services, such as software subscriptions, international exam fees, and flight tickets, are priced in dollars. When the cedi is strong, it’s wise to pay upfront for annual subscriptions, book flights early, or register for exams before prices rise. For instance, Efua, a nurse in Cape Coast, paid her $200 NCLEX exam fee when the cedi was GHS 10.90, saving nearly GHS 320 when the rate later increased to GHS 12.50.
4. Launch a Dollar-Earning Side Hustle
   Earning in foreign currency is accessible beyond tech professionals or diaspora members. During periods of cedi strength, Ghanaians can invest in digital tools or training to start freelance services like writing, virtual assistance, or design on platforms such as Fiverr or Upwork. They can also run e-commerce stores that drop-ship globally or create monetized content on YouTube or TikTok. Joseph, a student in Ho, bought a used laptop for GHS 800 and enrolled in a $50 copywriting course when the cedi was strong; he now earns $150 monthly writing for Canadian clients.
5. Invest in Forex-Based Savings or Instruments
   Some Ghanaian investment platforms offer US dollar–denominated products or forex mutual funds. Buying into these when the cedi is strong can be cost-effective and yield gains if the dollar strengthens later. Ama, a teacher in Koforidua, invested in a USD-denominated fund at GHS 10.90 and benefited from capital appreciation as the dollar rose, helping hedge against inflation.
6. Negotiate Dollar-Pegged Contracts During Strength
   Professionals in sectors with foreign currency contracts—such as construction, event planning for embassies, or consultancy for international organizations—should aim to negotiate or lock in terms when the cedi is strong to avoid future price increases caused by currency depreciation.

Plan Ahead, Don’t Panic
Foreign exchange rates will always fluctuate, but the key is how Ghanaians prepare for both upswings and downturns. A favorable exchange rate is more than just news—it’s an opportunity. Whether you are a salaried employee, student, market trader, or freelancer, making smart financial decisions during these times can lead to lasting benefits.

So next time the cedi strengthens, don’t just celebrate—plan and strategize.