Bussiness
Pressure mounts on cedi; loses 9% in value to dollar last week
Cedi has fallen by more than 30% so far in 2022
Pressure on the Ghana cedi continues to surge after some sterling performance two weeks ago, making it the world’s top-performing currency during the period.
The local currency lost about 9% in value last week to the US dollar in the retail market to reverse the previous week’s gains.
It traded at an average of ¢11.50 to the American greenback in the retail market, whilst it went for about ¢10.89 on the interbank market. The cedi is however going for almost ¢12 at the forex bureaus.
It also ceded 4.8% week-on-week to the euro and 3.1% week-on-week to the pound respectively.
Analysts believe the sharp reversal in the cedi’s gains stemmed from widespread speculative foreign exchange purchases as the local currency strengthened following the International Monetary Fund deal.
However, it is expected the forex market rates will stabilise around the current levels until the mid-year budget review, with policy propositions and the scale of monetary policy adjustments envisaged under the programme potentially shaping market sentiments.
According to Bloomberg, the cedi has depreciated by about 12% to the American greenback since January 1, 2023, whilst the year-to-date depreciation of the cedi to the dollar on the interbank market is 21.8%.
Credit: 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.
