Tenants in the greater accra region are raising concerns over what they describe as unfair rental practices by landlords and real estate developers who continue to charge rent based on older, higher dollar-cedi exchange rates despite recent gains by the Ghanaian currency.
Residents report that landlords are refusing to adjust rent rates downward to reflect the cedi’s recent appreciation against the U.S. dollar. This, tenants say, is placing unnecessary financial pressure on families, young professionals, and small businesses already struggling with the cost of living.
“It’s frustrating,” says Janet Owusu, a nurse living in East Legon. “The dollar has come down significantly in the past month, but my landlord is still calculating my rent based on GH¢13.50 per dollar instead of the current GH¢11.80. That’s a huge difference.”
Nonetheless, Ghana’s cedi has shown signs of recovery in recent weeks, supported by a mix of improved investor confidence, seasonal forex inflows, and ongoing disbursements under the IMF programme.
However, many landlords, especially those who set rent in U.S. dollars have been slow to adjust, insisting on rates negotiated months ago when the exchange rate was much higher.
Kwame Adjei, a small business owner in Spintex, believes the practice is exploitative. “When the dollar was rising, landlords were quick to increase rent. But now that the cedi is gaining strength, they’re ignoring it. It’s one-sided and unfair.”
In contrast, some real estate developers argue that their pricing reflects long-term investment planning and fluctuating construction costs, many of which are dollar-denominated.
“We understand tenants’ frustrations,” said a manager at a luxury apartment complex in Cantonments, who spoke on condition of anonymity. “But for us, many of our inputs like cement, tiles, fittings are still priced in dollars.
“The short-term fluctuations in the forex market don’t always allow us to change rates immediately,” he said.
Nonetheless, tenant advocacy groups are calling for government intervention and fairer rental practices. The Ghana Rent Control Department has also been inundated with complaints.
“We have received multiple reports and are looking into how landlords are pegging rents,” they said.
“Rent laws in Ghana state that payments should be made in Ghana cedis, and it’s illegal to charge rent in foreign currencies unless agreed otherwise,” the department added.
Economists say the situation highlights the lack of transparency and regulation in Ghana’s rental market.
“What’s happening is a mismatch between market reality and price rigidity,” noted Dr. Thelma Quaye, housing and urban policy expert.
“Until we have robust rent indexation mechanisms or enforceable lease agreements pegged to real-time forex data, tenants will continue to be at a disadvantage,” she said.
As housing affordability becomes a growing national issue, stakeholders are urging the Ministry of Works and Housing and relevant regulatory bodies to step in and ensure landlords reflect market conditions fairly, especially in urban areas where foreign currency-based rent demands are most common.
For now, tenants say they have little choice but to pay, or risk eviction.
