What’s Going On With the Dollar in Ghana?

Let me be real with you — when I first moved to Ghana in 2016, I was not aware of how the US Dollar was pegged to the Ghana Cedi. During the last 4 years I seen the value of the Ghana Cedi Depreciate which allowed me to have more spending power with the US $$$$$. Fast forward to now? That same $100 is barely flexing. And for many of us African Americans who’ve relocated or frequently visit Ghana, the depreciation of the U.S. dollar here has started to hit differently.

I’m not an economist, but I live this every day — and if you’re thinking about moving to Ghana or spending significant time here, this is something you need to know.

Don't get me wrong, I'm happy that Ghanaians such as my own family (Mamprobi/Jamestown) can now feel ease from years of 8 years of economic hardship seeing there currency (Ghana Cedi) lose half of its value and buying power.

So What’s Going On With the Dollar in Ghana?

Over the past few years, the Ghanaian cedi (GHS) has gone on a rollercoaster ride. At times, the dollar was strong — meaning your U.S. money went a long way. But lately, with the cedi gaining strength, the dollar doesn’t hold the same power it used to.

What used to be a $1 = 15 cedis is now more like 1 = 11.5 or worse — and those small shifts add up. If you’re living off USD, getting paid in USD, or saving in USD like most of us diaspora folks, you’re definitely feeling it.

How It’s Hitting African Americans on the Ground

1. Living Expenses Went Up – Fast

Groceries, rent, eating out, even Uber rides — everything is climbing in price. The challenge is that a lot of these things are tied to imported goods, which are directly impacted by the exchange rate. A pack of cheese or a bottle of imported juice might now cost what a whole meal used to.

If you’re living here full-time like I am, that means budgeting harder and smarter. If you’re visiting, it means that trip budget you thought would last a week might only stretch for four days.

2. Real Estate and Land Buying Isn’t as Easy

A few years ago, many of us from the diaspora were buying land or starting projects with confidence. But with the cedi appreciating and construction material prices fluctuating, project costs are harder to predict. Some folks had to pause building altogether because their dollar just wasn’t doing what it did when they first started.

3. Tourism and Group Trips Need Adjusting

As CEO of African Roots Travel, I’ve also had to adjust our group tour packages. Accommodation, transport, food, and even site entry fees — they’ve all changed. And while we try to keep the experience top-tier, we’ve got to get real with our travelers about what their dollar can do now versus back in 2019.

But It’s Not All Bad News

There’s a flip side to all this. If you earn in cedis or have local income streams, the stronger cedi means a bit more stability in your day-to-day. Also, this shift is encouraging a lot of us to build businesses that cater to locals, not just fellow expats or tourists. That’s how you make things sustainable.

And truth be told, being in Ghana — despite the financial ups and downs — is still priceless for many of us. The culture, the connection, the peace of mind — it outweighs the stress (most days, anyway!).

Tips from Me to You

• Track the exchange rate. Use apps like XE or to know what’s going on.

• Shop in the local market for fruits, vegetables, household items.

• Unless you have business during holiday season, shy away from nightlife, they jack them prices up.

• Cook at home sometimes, avoid these trendy restaurants advertised on Tik Ok by influencers.

• Join organizations such the African American Association of Ghana which to be part of a larger community, attend events and connect with other expats.

• Hold meetings virtually as opposed to running to meetings which turns into lunch and can easily lead to a whole days adventure

• Keep track who is visiting from the US and ask them bring you items.

• Diversify how you earn. Don’t rely only on dollar-based income. Tap into Ghana-based opportunities too.

• Take your time to look for housing, landlords often charge 1 to 2 yrs in advance. If you look outside popular communities (Osu, East Legon, Dworzulu, Airport Residential, Cantonments and Labone) you can lease or build with favorable terms.

• Plan for inflation. If you’re budgeting for a move, add a 20% buffer — trust me.

• Ask around. Talk to folks who are already here. We’re your best resource.

Final Word

Living in Ghana is a journey — and it’s not always cheap. But if you’re here for the long game, it’s worth understanding how the economy affects you and adjusting your lifestyle accordingly. The dream is still alive, but like any dream, you’ve got to adapt as you go.

The dollar might not stretch like it used to, but with purpose and planning, you can still thrive in Ghana.

— Maurice Cheetham, writing from Accra, Ghana 🇬🇭

📍Want to plan your own journey to Ghana? Reach out to African Roots Travel and let us help you walk in the footsteps of your ancestors — and create memories that will last a lifetime.

🌐 [www.africanrootstravel.com]📧 [moe@africanrootstravel.com]📲 Follow us on Instagram & Facebook @AfricanRootsTravel