Guide
Beat inflation, then check the dollar
A savings rate is not a real return until you subtract inflation. It is not a dollar return until you also subtract how much the currency is expected to fall against the US dollar. Both can be true at once: the balance buys more at home, and fewer dollars.
Last reviewed October 20, 2026 by Francis Eshun, Founder of Iron Wealth. He built the on-device tracker these pages describe. Iron Labs.
What do the two results mean?
Interest 15%, inflation 12%, and an 8% fall against the dollar. Real local return is (1.15 / 1.12) − 1 = 2.68%. Real return in dollar terms is (1.15 / (1.12 × 1.08)) − 1 = −4.93%. The deposit beat local prices and still lost purchasing power in dollars. If your depreciation guess already includes the inflation gap versus the United States, the dollar line counts that gap twice.
Where does a cedi rate come from?
On the calculator, choosing GHS fills the interest field with the latest 91-day Bank of Ghana interest rate. That prefill is a starting point. Inflation and the dollar move are still yours to enter. The rate page links the Bank of Ghana table.
What should you track?
Keep the local deposit in its currency and any dollar balance in dollars. One headline can show both. Converting everything in your head hides which side moved.
Questions
- Is this a forecast of the naira or the cedi?
- No. You type the inflation and the currency move. The page only does the arithmetic.
- Should I use the discount rate or the interest rate?
- Use the interest rate. The discount rate is the price cut on the bill. The interest rate is the return if you hold it to maturity.
Put your own rate, inflation, and dollar assumption into the local currency calculator.
