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Economic challenges due to high exchange rate – ISSER
The Institute of Statistical, Social and Economic Research (ISSER) at the University of Ghana has attributed rising labour agitations, high business costs, and the collapse of some businesses to the high foreign exchange rates and inflation.
This finding is sourced from the Institute’s assessment of the recent mid-year budget review presented by the Minister of Finance, Dr. Mohammed Amin Adam.
According to the report, in the first half of 2024, the cedi depreciated by 18.6% against the US Dollar, 17.9% against the Pound Sterling, and 16.0% against the Euro.
In 2023, the cedi depreciated by 27.8% against the US Dollar, 31.9% against the Pound Sterling, and 30.3% against the Euro.
In 2022, the cedi depreciated by 30.0% against the US Dollar, 21.2% against the Pound Sterling, and 25.3% against the Euro.
“This suggests some stabilization of the exchange rate over the past three years,” the report stated.
The report added that, aside from January, the cedi was generally more volatile against major foreign currencies (Dollar, Euro, and Pound) in the first half of 2024 compared to the same period last year.
Despite the increased volatility in 2024, the cumulative depreciation rates were relatively lower. The report urged the government to take further steps to reduce the rate of cedi depreciation against major trading currencies and to increase exports to lessen the demand for foreign exchange.
“It also recommended that the central bank enforce forex regulations more strictly and increase its presence in the exchange rate market.
With respect to inflation, the Institute referenced June 2024 inflation, which decreased to 22.8 per cent, adding that it represented a significant drop from the peak of 54.6 per cent in December 2022.
The Institute added: “However, compared to the inflation of 12.6 per cent in December 2021, this figure is still high,”
ISSER urged the government to examine the commodities driving inflation and commit to addressing the underlying factors.
“For instance, improving the road network in areas designated as the food basket of Ghana and reducing foreign exchange rates can help lower transportation costs and fuel costs, consequently reducing food and non-food inflation to single digits”, the report noted.
Source: Citinewsroom.com
News
Upper West Regional Police Command secures conviction against notorious robbers
The Upper West Regional Police Command is pleased to announce the conviction and sentencing of Abdulai Ibrahim alias Baba, 34 (Driver Mate) and Abdulai Kipo, 36 (Butcher), for their involvement in conspiracy to commit crimes to wit robbery and robbery.
The duo were found guilty and sentenced to 28 and 18 years imprisonment in Hard Labour, respectively.
The accused persons were implicated in a series of robberies across the Napogbakole, Danko, SSNIT, and Konta areas of the Wa Municipality.
Their arrest and conviction were made possible through intelligence-led investigations and meticulous gathering of evidence by the Regional Police Intelligence Directorate.
The conviction and sentencing were carried out at the Wa Circuit Court, presided over by His Honour Jonathan Avoogo.
The court’s verdict underscores the Command’s commitment to ensuring justice and safety in the region.
The Upper West Regional Police Command reaffirms its determination to make the region safe for peaceful coexistence and will continue to work tirelessly to combat crime and protect its residents.
News
Police arrest two suspects for possession of suspected narcotic substance at Ayi Mensah
The Ghana Police Service has arrested two suspects for possession of eleven (11) large compressed sacks of a substance suspected to be narcotics at Ayi Mensah in the Greater Accra Region.
The suspects, Mathew Narkotey and Augustine Teye, were arrested by a team from the National Operations Department (NOD) on June 7, 2025 during routine patrols. The suspects were onboard a Mazda pick-up truck with registration number GT 3490-P when a search uncovered the suspected narcotic substance concealed in the vehicle.
The vehicle and the suspected substances have been impounded and are currently secured at the Joint Operations Centre for evidential purposes.
Both suspects are in police custody assisting with investigations, while efforts are underway to arrest one Martey, named by the suspects as the intended recipient of the consignment.
