Bussiness
Cedi depreciation slows down; now sells at about ¢7.84
The cedi appears to be responding positively to the recent increment in the Policy Rate by 2.5 percentage points to 17% and other actions taken by the Bank of Ghana to address its depreciation.
The local currency traded below ¢8 to the US dollar at most forex bureaus and banks, yesterday, March 23rd, 2022. Same were said of the British pound and the euro.
In actual fact, the cedi appreciated by 1.20% to the dollar, 0.47% to the pound and 1.52% to the euro respectively on March 23rd, 2022. However, in terms of the year-to-date, the local currency has lost about 15% in value to the dollar.
The local currency can further reverse its lost fortunes and slowdown the rate of depreciation significantly after the announcement of the expected fiscal measures by the Finance Minister, Ken Ofori-Atta, later today, March 24th, 2022.
Currency Analyst, Courage Martey, had earlier told Joy Business that the cedi will soon improve upon its ailing performance against the dollar.
“In the interim, we’ll say its early days yet. In addition to that, the cedi also has a history about its performance and so we will also want to look forward to what the Minister of Finance [Ken Ofori-Atta] will be delivering as far as the fiscal decisions are concerned. From that point and the weeks ahead, we’ll start to analyze the foreign exchange market to see how the cedi will react to some of these announcements”.
“But on the face of it, this appeared to be good measures; aggressive and decisive measures from the Central Bank which we expect to be backed by the fiscal measures, so that going forward the market – at least sentiments – should start to improve. Once it’s starts to improve, we should start to see it reflecting in the pricing behavior of participants on the market”, he added.
The increase in the policy rate by 2.5 percentage points to 17% is expected to entice investors to acquire cedi denominated instruments because of the attractive yields they will come with.
Though cost of borrowing will go up, while cost of living and doing business will also surge, the Central Bank will in the interim mop up excess liquidity in order to control inflation and reduce interest in dollar denominated assets.
Source: www.myjoyonline.com
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.
Ghana’s gold and minerals sector is set for a major spotlight as Meetings. Co, in partnership with key industry stakeholders, announces the Mining & Minerals Convention 2025, scheduled from August 26-27, 2025, at the Kempinski Hotel Gold Coast City, Accra.
Held under the theme “Shaping the Future of Ghana’s Gold Industry,”‘ the Convention will convene government leaders, regulators, miners, refiners, investors, sustainability partners, innovators, and responsible mining, and global competitiveness,policy experts to explore strategies that position Ghana’s gold industry for long-term growth.
The two-day convention will feature presidential and ministerial keynote addresses, industry thought leadership, technical paper presentations, policy dialogues, fireside chats, exhibitions, and high-level networking sessions.
Convention delegates can anticipate a dynamic and insightful experience, marked by thought leadership from leading policymakers and regulators, in-depth discussions on key topics such as sustainability, ESG, digital gold, and responsible sourcing, as well as valuable opportunities to forge public-private partnerships and investment deals.
Moreover, the event will offer practical action points aimed at unlocking greater economic value for Ghana.
The 2025 edition will be supported by a strong coalition of strategic partners, including the Ministry of Lands and Natural Resources, the Minerals Commission, GoldBod, the Minerals Income and Investment Fund (MIIF), and the Ghana Extractive Industries Transparency Initiative (GHEITI).
