Bussiness
Negative sentiments around cedi to persist until visibility of ongoing IMF negotiations – Report
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The negative sentiments around the cedi would persist until there is visibility on Ghana’s ongoing negotiations with the International Monetary Fund, Databank Research has revealed.
Again, the possible delays in the 2023 budget presentation, owing to the government’s keenness on capturing the IMF deal in the budget, will further quiver investor confidence, breeding uncertainties in the market.
The cedi witnessed renewed depreciatory pressures last week after seeing some stability in the previous week.
It weakened across its major trading pairs, posting a weekly depreciation of 3.79% against the dollar and 7.03% against the pound in the retail market.
It also depreciated by 7.67% against the euro in the retail market.
“We expect the negative sentiments around the cedi to persist until there is visibility on Ghana’s ongoing negotiations with the IMF.
The cedi witnessed renewed depreciatory pressures last week after seeing some stability in the previous week, trading at a bid/ask rate of ¢13.07/¢13.08 to the US dollar on the interbank market and ¢14.20/¢14.80 in the retail market.
In the 16th Forex Forward Auction for the Bulk Oil Distribution Companies, the Bank of Ghana received and allocated $60 million at a 30-day forward rate of ¢13.3138 per dollar.
This is against ¢13.2474/US$ in the previous auction, signaling intense demand pressures.
Source: www.myjoyonline.com
Ghanaian dancehall artiste Charles Nii Armah Mensah, known as Shatta Wale, has won two awards at the 43rd International Reggae and World Music Awards (IRAWMA) held in Florida over the weekend.
He picked up the Best African Dancehall Entertainer award as well as Concert of the Year for ShattaFest.
In a statement, Shatta Wale’s management expressed appreciation to the organisers and supporters of the awards.
“Management would like to sincerely appreciate the organisers of the IRAWMA awards for the recognition and continuous support for African music on the global stage.
“We also extend our deepest gratitude to fans across the world, especially the Shatta Movement fraternity, for their unwavering support, votes, and dedication throughout the years,” the statement said.
The statement added that the latest wins reaffirm the artiste’s position as one of Africa’s leading musical exports and a prominent figure in global dancehall culture.
The awards bring Shatta Wale’s total haul at the IRAWMA to 11, highlighting his continued presence on the international reggae and dancehall scene.
At last year’s edition, he won three awards: Best African Dancehall Entertainer, Best Music Video for “Killa Ji Mi”, and Best Crossover Song for “Commando” featuring Bounty Killer. -GNA
Bussiness
Global Market Volatility: Gov’t absorb GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol
Effective Thursday, April 16, 2026, which is the next pricing window, the Government will absorb GH¢2.00 per litre on diesel and GH¢ 0.36 per litre on petrol.
This intervention is intended to cushion customers and ease the cost burden on households, transport operators, and businesses.
The measure, approved by Cabinet, is in response to rising prices of petroleum products on the international market, which have significantly impacted ex-pump prices in Ghana.
This temporary intervention will remain in force for a period of one (1) month.
During this period government will continue to closely monitor developments in the global oil market and assess the need for further policy adjustments.
A statement signed by Minister of Government Communications, Felix Ofosu Kwakye noted that they remain commited to maintaining price stability, protecting livelihoods, and supporting Ghana’s economic recovery in the face of external shocks.
