Coconut Grove Regency slashes rates by up to 30% in response to strengthening Cedi, falling inflation

Coconut Grove Regency Hotel, one of Ghana’s leading hospitality brands, has announced significant price reductions of between 15% and 30% in response to the recent appreciation of the Ghanaian Cedi and a nationwide decline in inflation.

The decision comes as manufacturers, airlines, and businesses across the informal sector begin adjusting their prices downward, following sustained currency stability and reduced import costs.

In an interview with Myjoyonline, Ralph M.K. Ayitey, Chief Executive Officer of Coconut Grove Regency Hotel, said the hotel group is fully aligned with national efforts to lower the cost of doing business.

“All hospitality players in Ghana depend on imported supplies in one form or another,” Mr Ayitey explained. “Some rely on imported products for up to 75% of their needs. With the strengthening of the cedi, the cost of some of these imported items, such as linen, crockery, and even certain foods, has gone down.”

According to him, Coconut Grove Hotels has responded by reducing rates for guest rooms, conference halls, banquet packages, and other services by as much as 30%.

“These reductions are not just promotional. They are a reflection of our long-standing appreciation for our loyal customers,” he said. “Our clients have stood with us through various phases of our business journey. It is only right that we give them the best value, especially at a time like this.”

When asked how long the discounted rates would remain in place, given ongoing geopolitical uncertainties such as the Iran-Israel conflict, Mr Ayitey said he remained confident in the local economic strategy.

“I do not doubt in my mind that the government’s domesticated and indigenous approach is contributing to the current improvements. Business thrives on trust and predictability; so does the economy. We all have a role to play in shielding Ghana from external economic shocks,” he noted.

Looking ahead, Mr Ayitey called for bold policy interventions to consolidate the macroeconomic gains. He applauded initiatives such as the recently launched Black Star Experience, which he said would boost tourism and give international visibility to Ghana’s fashion and creative industries.

“It’s exciting to see the President himself commit to walking the catwalk at the launch. This kind of engagement sends a strong message about the creative economy,” he remarked.

He also urged increased investment in local poultry production and called for support towards Ghana’s struggling cotton industry.

“We need to drastically cut down on the $400 million spent annually on poultry imports. As hoteliers, we must serve locally sourced chicken, duck, quail, and guinea fowl. This will help retain value within the local economy.”

Mr Ayitey further advocated for the establishment of a first-class hospitality training institute to build capacity and support the growing trend of Ghanaian professionals managing 3 to 5-star hotels across the country.

“We must also offer patient capital, loans with a 10-15 year window at a maximum interest rate of 6% to 9% to businesses ready to invest in expansion or innovation,” he added.

Mr Ralph M.K. Ayitey is not only the CEO of Coconut Grove Regency Hotel but also serves as the National Treasurer of the Association of Ghana Industries (AGI).

His insights reflect a broader vision for local enterprise development and economic resilience amid global uncertainty.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.