“How Is The Cedi Appreciating When Cement Price In Dollar Terms Has More Than Doubled? ”- NAPO Questions Economic Claims – GhArticles.com
Dr. Matthew Opoku Prempeh, former Member of Parliament for Manhyia South, has called for cautious optimism regarding the recent appreciation of the Ghanaian cedi, questioning its real impact on the economy.
Speaking to the media on Tuesday, May 27, 2025, Dr. Opoku Prempeh, popularly known as NAPO, urged Ghanaians to adopt a rational approach when assessing governmental performance, particularly in economic matters.
He emphasized that short-term improvements, such as the cedi’s appreciation, do not necessarily translate into broader economic progress.
“You can’t compare a government that has been in office for seven months to one that has governed for four years,” he said, stressing the need for fair and constructive comparisons across different administrations.
Dr. Prempeh noted that despite the cedi appreciating by about 34% against the US dollar, prices of essential goods and services continue to rise, casting doubt on claims of economic recovery.
He questioned the basis for jubilation, stating, “If the cedi has appreciated and the dollar has come down, prices should reflect that, but that’s not the case.”
Citing the price of cement as a prime example, he explained, “A bag of cement was 90 cedis before the elections.
Now, it costs 140 cedis, even though the dollar has dropped from 15 cedis to around 10–11 cedis. How do you justify that?”
He argued that the apparent contradiction between currency appreciation and rising commodity prices undermines confidence in the economic narrative being presented.
“When goods priced at a dollar rate of 15 cedis now cost even more at a rate of 10 cedis, you begin to wonder what isn’t adding up.”