Bussiness
Cedi now worst African currency; depreciates 7.6% to dollar
The Ghana cedi is now the worst-performing currency on the African continent just two months into 2022.
This is because it has depreciated by about 7.6% to the dollar from January 1, 2022 to February, 25, 2022.
The local currency has therefore overtaken the Zambian kwacha, which was the worst-performing currency on the continent two weeks ago.
Both Ghana and Zambia have challenges in addressing their escalating debts as well as struggling with revenue mobilisation and expenditure management.
This conundrum is impacting negatively on the country’s exchange rate, interest rate and inflation. Additionally, the recent downgrade of the country’s ability to borrow is also a major worry as investors are still unsure about the outlook of the Ghanaian economy.
This affirms some economists and analysts’ assertion that all concerns regarding the Electronic Transaction Levy must be addressed and passed immediately by Parliament.
If not the depreciating cedi will affect the budget of most corporate institutions as well as reduce the disposable income of consumers.
But there could be some hope going forward as the World Bank Group has approved a five-year Country Partnership Framework for Ghana from this year till 2026.
This will see the injection of $4.5 billion into the economy, in the next five years.CURRENCY YEAR-TO-DATE PERFORMANCE RANKING Namibian dollar 4.49% 1st South African rand 3.68% 2nd Botswana pula 1.17% 3rd Tunisia dinar 0.75% 4th Uganda shilling 0.46% 5th Egypt Pound 0.02% 6th Malawi kwacha 0.00% 7th Tanzania shilling -0.02% 8th Kenya shilling -0.06% 9th Nigerian naira -0.70% 10th Mauritius rupee -0.75% 11th Coted’lviore CFA -0.90 12th Morocco dirham -2.56% 13th Zambia kwacha -5.98% 14th Ghana cedi -7.60 15th
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).
News3 days agoGhana’s Chris Koney participates in high-level dialogue at Africa Forward Summit 2026
- News1 week ago
Isaac Adongo defends BOG Governor, says Ghana “in safe hands”
- Features3 days ago
Fix It Fast or Lose Them Forever: The Ever-Rising Importance of Service Recovery in Competitive Industries
