Ghanaian freelancers and online content creators paid in US dollars are facing an unexpected downside from the cedi’s recent strength: their dollar incomes now convert into fewer cedis. While the stronger cedi is widely seen as a win for inflation control and importers, it has become a challenge for dollar earners, who now get less value for their foreign income. Many of these concerns have been shared publicly on X (formerly Twitter), where creators lament what they describe as an “invisible pay cut” driven by currency movements.
This shift in value is already visible in recent forex market movements. For instance, in recent times, the interbank dollar price fell from GH¢15.75 on April 28 to GH¢15.40 on April 29. That means a $1,000 invoice in late April brought in about GH¢15,400 instead of GH¢15,750 – a GH¢350 reduction overnight. To put it in perspective, when the exchange rate stood at GH¢16 to the dollar, a $500 payment translated to GH¢8,000. At GH¢15.40, it yields just GH¢7,700, shrinking take-home pay by hundreds of cedis.
This has forced many freelancers and creatives to revisit their budgets. Some are cutting costs, while others are recalculating their earnings. Some of these creators said they felt a “surprise pay cut” when converting their latest dollar payment, since the local expenses, rent, groceries, utilities, remain unchanged. For many, the cedi’s rally has erased the windfall they enjoyed earlier when the local currency was weaker.
In theory, the cedi’s strength offers some broader economic benefits, especially in stabilizing inflation and easing import costs. However, for this niche group of remote workers and digital entrepreneurs, any of whom turned to the global gig economy to hedge against a historically unstable currency, the current rally is proving counterproductive.
Ghana’s Cedi Strengthens in April, but Not Everyone Cheers
The challenges facing dollar-paid creatives stem from a broader trend in Ghana’s currency market. In April 2025, the cedi firmed up noticeably against major currencies. Mid-month, it traded around GH¢15.4 per US$1; by April 29, the rate hovered between GH¢15.0 and GH¢15.4 to the dollar. This represented a 3%–4% appreciation over the course of the month. Financial analysts attribute the gains to improved forex supply and heavy central-bank support.
Supporting this appreciation are Ghana’s bolstered foreign reserves and stronger external inflows. The Bank of Ghana reports that reserves swelled to around $9.3 billion by February 2025, backed by rising remittances and robust export earnings from gold and cocoa.
This steady rally is reflected in official exchange data. On April 15, the cedi stood at GH¢15.42 per US$1 (buying). By April 29, it had strengthened to a range of GH¢14.34–15.05, depending on the market. According to some reports, this performance amounts to a ~3.5% year-to-date gain. In practical terms, the cedi has been holding firm in the GH¢15 range, down from the GH¢16s recorded earlier in the year.
Central Bank’s Role and Economic Outlook
The cedi’s strength hasn’t occurred in a vacuum. Analysts credit the Bank of Ghana’s forex interventions, including regular dollar auctions and a gold-for-oil strategy, alongside fiscal reforms under the IMF-backed economic program. These measures have helped reduce volatility and shore up investor confidence.
Beyond policy interventions, the economic backdrop has shifted significantly. After years of persistent depreciation, Ghana’s IMF-sponsored recovery is reversing the trend. By February 2025, foreign reserves stood at about $9.3 billion, enough to cover roughly three months of imports. Governor Asiama attributes this resilience to tighter coordination between monetary and fiscal policy, as well as external factors like stronger remittances and a softer global dollar.
Indeed, the IMF itself noted that Ghana’s reserve buildup has exceeded program expectations. This has contributed to the currency’s growing stability.
However, authorities remain cautious. Dr. Asiama has made it clear that the cedi will remain on a free float and not a fixed exchange rate regime, while pledging to intervene if volatility becomes excessive. Market watchers believe the cedi could maintain its strength so long as forex supply holds up.
A Mixed Blessing for the Digital Economy
For the broader economy, the cedi’s renewed strength is mostly positive. Lower import bills and tamed inflation are welcomed by businesses and consumers alike. But for dollar-paid creatives, freelancers, and remote workers, it’s a different story.
Their dollar incomes no longer stretch as far. The costs they face locally haven’t changed, but their revenue has.
